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SAIL will provide the land and POSCO will put in the required investment and the technology for the plant
Disappointed with the tardy progress of its proposed venture in Orissa, South Korean steel giant POSCO is looking for new opportunities and has now teamed up with state-owned Steel Authority of India Ltd (SAIL) to set up a Rs15,000-crore steel plant in Jharkhand.
"SAIL and POSCO have entered into an in-principle agreement to set up a half-a-million tonne plant in Bokaro. The steel mill using POSCO's FINEX technology will initially attract an estimated investment of Rs15,000 crore," an official in the know of the development told PTI.
POSCO, the world's fourth-largest steel producer, is likely to hold 60% stake in the joint venture while the rest could be with SAIL. The plant's capacity could be increased to 3-4 million tonnes at a later stage.
"There will be no cash transaction in buying the equity. SAIL will provide the land and POSCO will put in the required investment and the technology for the plant to manufacture steel which will be further taken by SAIL for making special products like auto-grade steel," the official said.
The POSCO team, led by its chief executive Chung Jun-Yang, attended a dinner with the top brass of SAIL and the steel ministry on Monday where the deal was formalised.
Thereafter, the POSCO team went for a tour of the plant site in Bokaro on Tuesday. POSCO officials have visited Bokaro earlier too, the official said.
When contacted, POSCO India's general manager for external relations, Simanta Mohanty confirmed the development, but said that details for the same are still awaited.
The government official added, "POSCO is keen on a joint venture plant with SAIL in Bokaro. The FINEX technology uses iron ore fines and low quality coal to produce high grade steel, which could be further processed by SAIL to make specialised steel."
When contacted, Jharkhand mines and industries secretary NN Sinha, however, said both SAIL and POSCO officials have not contacted the state government in this regard as yet.
POSCO's Rs54,000-crore plant in Orissa has failed to take off for the past four years mainly due to problems in acquiring land.
Meanwhile, POSCO had been looking for opportunities in states like Jharkhand, Karnataka and Maharashtra.
Steel minister Virbhadra Singh had in January said that SAIL is keen on setting up a new plant in Bokaro in a joint venture format with a global player. SAIL already runs a 4.5 million tonne per annum (MTPA) plant which it is expanding to 7.5MTPA as part of its Rs70,000 crore expansion programme.
POSCO and SAIL are already in a pact for supply of technology and technical knowhow.
Morgan Stanley has appointed the former Axis Bank chief as its new country head and chief executive for India
Global financial services major, Morgan Stanley, has appointed former Axis Bank chairman PJ Nayak as its new country head and chief executive for India.
The appointment is a part of Morgan Stanley's continuous expansion in India and further investment in its operations here, the company said in a press release.
Mr Nayak will join Morgan Stanley on 5th April and will be based in Mumbai, Morgan Stanley said.
Mr Nayak, who was instrumental in growing the business and presence of Axis Bank from less than 50 branches to over 800, served as the chairman and chief executive of the bank from January 2000 till April 2009.
Presently, he is serving as an operating partner at Advent International Private Equity and as a non-executive chairman of Motilal Oswal Asset Management Co.
In 2009, Mr Nayak became a member of the Technical Advisory Committee for Monetary Policy of the Reserve Bank of India, the release said.
"We are delighted that Jayendra Nayak will be joining Morgan Stanley to lead our operations in India. The firm will also benefit from his senior relationships in India and his government experience," said Morgan Stanley Asia chief executive Owen Thomas.
Morgan Stanley operates from more than 1,200 offices in 37 countries.
The company is planning to screen the crucial stages of the cricket tournament live in 3D across fifty theatres
United Film Organisers (UFO) Moviez India, a digital satellite cinema network, has said that it will telecast the semi-final and final matches of the Indian Premier League (IPL) in 3D across 50 screens. Currently the company is telecasting IPL in 700 screens across the country.
"We are planning to screen the semi-finals and final of the IPL this year in around fifty 3D-enabled theatres which already have the system in place. We are looking forward to venture in a big way into the 3D market," said Rajesh Mishra, chief executive for Indian operations, UFO Moviez.
The company did not reveal the investment for the 3D screening programme but admitted that at present there is limited infrastructure for 3D systems in India. To telecast the IPL cricket matches live, the company is planning to set up around 8-10 rig cameras on the ground from where it can relay the matches in 3D to these screens.
Betting big on 3D, the company said it feels that there is “great potential” for this technology in India. However, the country needs more infrastructure for it. UFO Moviez is planning to invest around Rs100 crore over the next one year for its 3D foray.
"We are installing around 500 screens with our own 3D system over the next one year. We will be investing Rs50 crore-Rs100 crore over this year. We have just launched our 3D technology, so theatres are keen to work with us. Currently 25% of the theatres have 3D-enabled UFO systems," said Kapil Agarwal, joint managing director, UFO Moviez India.
While maintaining that this year it does not expect spectacular results from its 3D live telecast due to lack of infrastructure, UFO Moviez says that within the next year, this technology can become much more popular. It also feels that 3D will help curb film piracy.
"We will be able to control the piracy issue as we are releasing movies in 192 bit frame proprietary encryption. Due to this encryption technology, even if you make one million copies of my movie, you would not be able to decode (watch) it unless I provide you the encryption code or license," said Mr Agarwal.
"In all the theatres where we release movies, we issue them a license code which no one else can access. The only possible way is to take a camera print from theatres. However, if you take a camera print, there are invisible figures being beamed which will be visible in the copy. We can then get hold of these pirated CDs/DVDs, decode them and extract details like the name of the theatre, date and time when the pirated copy was shot. This helps in curbing piracy,” Mr Agarwal added.
For the IPL semi-finals and final, UFO Moviez is also planning to telecast the matches in about four screens in the UK and around 25 screens in the US.
This year, for the first time ever, the Grammy HD telecast featured a 3D video made by Michael Jackson, for the environmentally conscious song, the ‘Earth Song’, as part of a ceremony honouring the late pop legend with a lifetime achievement award.
The BBC has already carried out a broadcast of the world’s first live sporting event in 3D, beaming an England versus Scotland game from the Six Nations rugby tournament to a cinema in London. Sports network ESPN has become one of the world’s first networks to announce plans for a 3D channel. During 2010, ESPN 3D is planning to telecast a minimum of 85 live sporting events, including the FIFA World Cup matches from 11th June.