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Our Bureau

Mumbai , May 8

NEW industrial plants in Orissa will be allowed use of raw material from that State only to the extent necessary for their own operations, Mr Bishwa Bhusan, the State's Industries Minister, said at a news conference here on Sunday.

This statement is significant, given the ongoing negotiations between the Orissa Government and Korean steel major Posco over the company's proposed Rs 40,000-crore steel plant.

Posco's condition that it be allowed to export iron ore from Orissa against imports of coking coal drew a storm of protest from the domestic industry.

Negotiations are still going on between the Orissa Government and Posco, said Mr Bhusan.

But the interests of the State will not be compromised, he added.

The State has also signed memorandums of understanding for five plants involving investments of over Rs 65,000 crore, he said.

Three of these MoUs are for steel plants, and have been signed with Tata Steel, Bhushan Steel, and the Jindal group.

The other two agreements are with Hindalco and Sterlite, for aluminium plants, he said.

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