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A final decision on the proposed ventures for new iron-making technology for the steel giant will depend on techno-economic viability and regulatory approvals
Parliament has been informed that State-owned SAIL is in talks with South Korean steel major Posco and Japan’s Kobe Steel for technology tie-ups to jointly set up steel plants, reports PTI.
“In order to remain competitive, Steel Authority of India Ltd (SAIL) is exploring the possibility of a technology tie-up for new iron-making technology like ‘Finex’ from Posco and ‘ITMK3’ from Kobe Steel through the joint venture route,” minister of state for steel
A Sai Prathap said in a written reply to the Lok Sabha.
The minister said that a final decision on the JV project would depend upon techno-economic viability and regulatory approvals.
Last week, steel secretary Atul Chaturvedi had said that the government is hopeful that a deal between SAIL and Posco for jointly setting up a Rs-15,000 crore steel plant in Jharkhand would be clinched by the end of next month.
Posco’s ‘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.
Similarly, ‘ITMK3’ (Iron Making Technology Mark Three) is a technology developed and owned by Kobe Steel, which uses iron ore fines and thermal coal to produce premium grade steel.
SAIL and Posco have already signed a memorandum of understanding for supply of technology and technical knowhow.
Posco’s proposed Rs54,000-crore steel plant in Orissa has been delayed for over four years, mainly on account of problems with land acquisition. This has prompted the South Korean firm to start looking for alternative opportunities in States like Jharkhand, Karnataka and Maharashtra.
Investors can continue to invest in current ULIPs and no new ULIPs are allowed, clarifies SEBI
Market regulator Securities and Exchange Board of India (SEBI) said today that it was working together with insurance watchdog IRDA (Insurance Regulatory and Development Authority) to expeditiously find a “legally binding” resolution to who controls unit-linked insurance plans (ULIPs) and there are no restrictions on investment in existing schemes.
“We want to do it (move the appropriate court) quickly,” SEBI chairman CB Bhave said on the sidelines of a CII conference on Indian financial markets.
He also told foreign institutional investors, who are apprehensive over the turf war between the two regulators, that they can “continue to invest in current ULIPs”, which have a portfolio of over Rs92,000 crore.
SEBI’s latest direction is against floating any new product, he clarified.
“FIIs should know what the correct position is and the correct position is that investors can continue to invest in current ULIPs and no new ULIPs are allowed,” Mr Bhave said.
SEBI had last week said that all ULIPs issued after 9th April will have to have its approval. This was questioned by insurance sector regulator IRDA.
Yesterday, the market watchdog had moved the Supreme Court and some High Courts to guard against any ex-parte decision.
On 10th April, SEBI had banned 14 life insurance companies from raising funds through ULIPs without its approval.
Later on 14th April, SEBI came out with a second order that exempted the existing ULIP schemes of these 14 players from the ban.
Underage, underpaid workers working 15-hour shifts, sexually predatory security guards, hourly pay of just 52 cents per hour after deductions for the canteen food. No talking during work hours, no listening to music, no bathroom breaks. These are just some of the conditions that workers at China’s KYE Systems Corp plant in Dongguan City have to endure. The factory produces hardware for US companies, including Microsoft, and its work practices have been documented in a report by the National Labor Committee. What would the directors of the Bill and Melinda Gates Foundation say to all this?