Billionaire Anil Agarwal-controlled Vedanta Resources has decided not to pursue a proposal to build a Rs 20,000-crore (Rs 200 billion) five-million-tonne steel project in Orissa in view of its strategy to focus on non-ferrous and iron ore businesses, two highly-placed sources in the company said on Tuesday.
The Sterlite group is gearing up to revive its steel project in Orissa in partnership with a foreign company
Posco-India on Friday said it is now "comfortable" about its proposed Rs 51,000 crore (Rs 510 billion) steel project in Orissa, a day after its compensation package was approved by a committee set up by the state government to iron out land acquisition issues related to the project.
The Supreme Court on Friday cleared South Korean steel major Posco's plans to set up a Rs 51,000 crore (Rs 510 billion) mega steel plant and captive minor port in Paradeep, Orissa.A special environmental bench headed by Chief Justice K G Balakrishnan allowed Posco India Pvt Ltd, a subsidiary of Korea-based Posco, to go ahead with the project, for which an agreement was signed with Orissa government on June 22, 2005.
Posco-India has made it clear that it has no intention to shift the site of its 12 million tonne steel project.
Twenty steel projects with an estimated investment of Rs 12,000 crore (Rs 120 billion) have gone into production in Orissa so far creating direct and indirect employment opportunities for about 25,000 people, Chief Minister Naveen Patnaik said.
The Orissa government has said that it fully supports the multi-billion steel project from global steel maker Posco, despite opposition from local people.
Orissa has said that the 43 steel firms in the state plan to generate 58,510 jobs by the time the projects go on stream.
The rural BPO centre will be established by the Tata Business Support Services -- the BPO wing and a wholly-owned subsidiary of Tata Sons -- in partnership with Tata Steel Rural Development Society -- a corporate NGO managed by the Tata Group for the last 60 years. To start with, it is expected to employ around 200 people. Sources close to the development said the company has already recruited the first batch of the executives for the BPO unit.
The Orissa government on Tuesday rejected the demand to scrap Posco's steel project, saying the Rs 51,000-crore (Rs 510 billion) project could contribute 11.5 per cent to the state's gross domestic products in terms of value addition.
The Orissa government on Thursday pulled up ArcelorMittal, for "not making any investment" so far in its proposed 12mtpa greenfield steel plant at Keonjhar, questioned its "actual intentions".
Arcelor-Mittal added one more site on Monday -- Chiplima in Sambalpur district -- to the four it is currently surveying for its proposed 12 million tonne steel facility in Orissa.
As part of this, the state government is planning to engage global diamond mining company De Beers for undertaking a detailed survey of the diamond reserves in Nuapada.
The Orissa government on Monday said it will within the next three months, remove all hurdles to South Korean steel giant Posco's Rs 52,000 crore (Rs 520 billion) plant in the state amid a possible review of investment.
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