Even as it comes to terms with the land acquisition controversy in Nandigram and Singur, the CPI(M)-led West Bengal government has handed over the order for possession of 4,300 acres
10 mn-tonne plant in Mamata's crosshairs; company says work in progress.
Alongside the power plant, Chief Minister Banerjee also laid the foundation stone for JSW Industrial Park, which will be spread over 2,000 acres with plug-and-play infrastructure.
Sukhdev Mahato has 2 acres in the 450-acre private land, which will be acquired for JSW Bengal Steel's 10 million tonne project. And Mahato feels blessed.
West Bengal, which has seen many violent protests against land acquisition in the country, is now set to get another exemplary rehabilitation package for land-losers. After the free shares by JSW Bengal Steel, now Bhushan Steel is going one step ahead to give free land to land-losers as a part of its rehabilitation and resettlement (R&R) package. Sources said the R&R package has been submitted to the West Bengal Industrial Development Corporation (WBIDC).
"There is a slight deferral for some time (on the commencement of construction work) till the economic situation improves," JSW Steel Vice-Chairman and MD Sajjan Jindal said. Faced with a liquidity crunch, JSW Steel had earlier said it was cutting its proposed investment by nearly one-third to about Rs 4,000 crore for the first phase of the Rs 35,000 crore mega steel project in West Bengal.
The JSW Group has expressed interest to develop a 900 MW pumped storage hydel power project and a state of the art rolling shop for steel in West Bengal, company chairman Sajjan Jindal said on Wednesday. He announced the projects while addressing the inaugural session of the Bengal Global Business Summit, organised by the state government, in Kolkata. "We are keenly pursuing a 900 MW hydro pumped storage project. "This will bring clean energy to the state and we hope to receive this prestigious project through a nomination from the state government," Jindal said.
Yet to achieve financial closure for project because of pending draft agreement.
Seven listed Tata companies together own 12.1 per cent in Tata Sons with a combined book value worth around Rs 30,700 crore.
At least three steel companies-JSW Steel, Jindal Stainless and Bhushan Steel-have decided to wait for the financial storm to pass before they take up their expansion plans. Ministry may not achieve target to cross 100 MT output by 2012.
The project at Salboni was welcomed by people and political parties alike, manifested by festoons welcoming Sajjan Jindal from all parties along the road leading to the site. Jindal complemented the mood at the ceremony with his farmer-friendly speech. "Industry and agriculture go hand-in-hand. My father, O P Jindal, was a farmer and he told all his sons that no wrong must be done to farmers," he said.
It's been months since Jindal returned the private land to the state government, free of cost, but not a cottah has been distributed
While the Trinamool government, led by Chief Minister Mamata Banerjee, tried its best to attract investors, including from Singapore, not much headway could be made.
Though the ruling Left Front in West Bengal recorded its worst performance in the recent Lok Sabha polls, industrialists appear to be unperturbed by the changing political wind in the state and believe industrialisation will continue.
Lalgarh, once a nerve centre of Naxal insurgency in West Bengal, now represents a different place.
In power, Mamata Banerjee has tried to bury the ghost of the past, but it might still be work-in-progress. Big-ticket and eye-grabbing (in terms of investment size) projects are still few and far between, reports Ishita Ayan Dutt.
In the domestic market, the Tata Group has lost ground in the passenger car business.
Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday announced the acquisition of a 95 per cent stake in Gopalpur Ports in Odisha from Shapoorji Pallonji Group and Orissa Stevedores Ltd at an equity value of Rs 1,349 crore. In Gopalpur Ports, Shapoorji Pallonji Group (SP Group) firm SP Port Maintenance Pvt Ltd has a 56 per cent stake and Orissa Stevedores Ltd (OSL) has a 44 per cent stake. Gopalpur Port is an all-weather deep-water berthing port with a capacity of 20 million tonnes per annum (MTPA) situated in Ganjam district of Odisha.
Salboni, in West Medinipur district, is where JSW Steel in 2007 said it would be putting up a 10 million tonne a year steel factory, plus a big captive power plant.
Then chief minister Jyoti Basu once told an industrialist that capitalists were class enemies and he should expect no sympathy.
West Bengal Chief Minister Mamata Banerjee has left no stone unturned this year after big industrialists, along with Union ministers, skipped attending the BGBS 2017.
The Indian Super League will be expanded to 10 teams this season with the organisers on Monday announcing two more franchises after a bidding process, with Bengaluru FC set to ply in the three-year-old ISL by leaving I-League.
A proposed Rs 9,000 crore (Rs 90 billion) greenfield modernisation and expansion programme is expected to give a fresh lease of life to Iisco Steel Plant, a unit of Steel Authority of India.
Rising interest rates are forcing companies, big and small, to either defer projects, go slow on expansions or raise money from alternative sources.
Sajjan Jindal, vice-chairman and managing director of JSW Steel and one of West Bengal's most valued investors, said that he would have compensated unwilling farmers with double the land 800 acres next door in return for land for the Tata Motors factory at Singur.
Hours after taking charge as CM, Mamata had announced returning 400 acres to 'unwilling' land-losers
Few top honchos of India Inc did very well in 2014.
Jindal Power bagged 2 coal mines in Chhattisgarh.
Index heavyweight RIL surged 3% to end above Rs 1,000 mark while IT majors were also the top gainers.
Submits revised proposal to CCI as Birla Corp deal fails
History beckons trailblazers Bengaluru FC as they lock horns with Air Force Club of Iraq in the summit clash of AFC Cup in Doha on Saturday, aiming to become the first Indian football club to clinch a continental title. Bengaluru FC have already created history by becoming the first Indian club to qualify for the final of a continental tournament after they defeated defending champions Johor Darul Ta'zim in the semifinals on 4-2 aggregate last month. Before this, the farthest an Indian club had advanced in a continental tournament was the two AFC Cup semifinal appearances by Dempo in 2008 and East Bengal in 2013.
'Now that there is an election in the offing, she is repeating the same old promises. Does she think the people of Bengal are fools to fall for her lies?'
