Tata Steel has expanded its presence in Orissa following acquisition of 100 per cent of equity stake in Rawmet Industries Private Limited, a company having its registered office at Kolkata, at an enterprise value of Rs 101 crore (Rs 1.01 billion).
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.
Permission should be denied before the start of the refinery. To do so now is unfair and damaging to the government's reputation, says Nilmadhab Mohanty.
The mining ban has implications beyond just protecting the environment and tribal rights.
Operations at 26 mines are set to commence again within a couple of months.
Congress leader Rahul Gandhi on Thursday termed as "illegal" Vedanta's bauxite mining project in Orissa's Niyamgiri hills which was denied environmental clearance by the Centre.
Sources in the group said it was exploring the opportunities in Indonesia for acquiring coal blocks as well.
Out of the 192 mining leases of iron and manganese ores in Odisha, 94 do not have environment clearance.
It is the low cost of iron ore extracted from their adivasi homeland mines that enables steelmakers like Tata Steel and Essar, and miners like NMDC, not only to be among the most profitable companies in India, but also gives it the financial muscle to make huge overseas acquisitions. Ultimately, it is the poor adivasi who pays for it with his home and hearth and gets no credit for it! Either from the State, which connives in their exploitation, or the industry that lords over their resources, says Mohan Guruswamy.
The Centre has conceded most of the demands of potential buyers of Neelachal Ispat Nigam Ltd (NINL). These include lowering the lock-in period for sale of assets to one year and allowing the new buyer to undertake the amalgamation of a special purpose vehicle (SPV) into NINL. An inter-ministerial group led by Department of Investment and Public Asset Management (Dipam) secretary Tuhin Kanta Pandey and the core group of secretaries on divestment (CGD) headed by Cabinet secretary Rajiv Gauba have decided that the lock-in period can be reduced to one year from the date of completion of sale, from the earlier three years proposed by Dipam, an official in the know said.
"ArcelorMittal has shown interest in the stake buy and the due diligence will start soon," said an official familiar with the development. The Facor stock closed at Rs 23.5 a share on the Bombay Stock Exchange today. At the current price, the company has a market capitalisation of Rs 435 crore. However, the deal is expected at Rs 35 a share, about 50 per cent premium to the current market price.
It emphasised that agricultural infrastructure needs considerable investments and hence Section 80IA benefits must be extended to all such investments like IT infrastructure, computers, VSAT, solar panels, water harvesting facilities, storage etc.
South Korean steel giant Posco has begun the feasibility study for its proposed Rs 52,000 crore (Rs 520 billion) steel project in India while keeping out its mining partner BHP Billiton from the detailed study besides kick starting the process of for
Few people know Ratan Tata as well as R K Krishna Kumar does. Widely perceived to be among the managers closest to Tata, Krishna Kumar assesses Ratan Tata, the man and business leader, in this exclusive interview to Rediff.com's Vaihayasi Pande Daniel.
'Silencing citizens has become a major institutional process under this regime.' 'The anti-Indian argument is a bogey -- meant to silence independent thinking people in India and turn us into goats and sheep.'
'The Modi government believes the industrialist, the capitalist, has to pay for the assets of the government which belong to the people of India.'
Education sector has reasosn to cheer Budget.
Officials say a fall in global oil prices will reduce the government's subsidy burden, giving it a greater chance of hitting its ambitious fiscal deficit target of 4.1 percent of gross domestic product in the fiscal year to March.
The new ordinance on land acquisition will allow land grabbers to deprive millions, destroy agriculture, horticulture, rivers, forests, tree cover and mangroves to extract minerals as well as ground water, without replenishment at a pace that will not leave anything for the next generation, warns activist Medha Patkar.
'This is not a Sanjay Baru or Natwar Singh type of book. It's not a memoir. It's not a book to reveal conversations, real or imaginary. This is not a book to position myself at the centre of the world.' Jairam Ramesh on his stint as environment minister.
'People are beaten at the slightest provocation, paraded completely naked and then tortured. Did you know the number of prison deaths is the highest in Maharashtra? The one year I was in jail, 98 prisoners died.' 'The judges did warn the jail authorities, but they didn't care. They even violated the high court's order regarding my treatment. One judge asked my lawyer: "Can I go and implement my orders there?"' Professor G N Saibaba, who is 90 per cent handicapped, speaks of his ordeal in a Nagpur jail after being arrested for protesting against the Centre's anti-Naxal and anti-Adivasi campaign.
Indian economy about to take-off
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