Business Daily from THE HINDU group of publications
Tuesday, Feb 12, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Feb 12, 2008 ePaper | Mobile/PDA Version |
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Corporate
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New Projects Orissa gives nod for land to Arcelor Mittal Our Bureau Mumbai, Feb. 11 The Orissa Government has accorded provisional approval for allotment of 7,750 acres for global steel major Arcelor Mittal to build a 12-million tonne plant. Speaking on the sidelines of Indian Steel Summit here on Monday, Mr Sanak Misra, CEO, Arcelor Mittal, India, said, “We are looking for land for the R&R (resettlement and rehabilitation) project for the displaced persons and are in talks with the State Government.” The company has got 7,000 acres for its steel plant and 750 acres for a township in Keonjhar District. It has appointed a consultant to address the R&R issue. The greenfield project will come up at an estimated cost of Rs 40,000 crore. Mr Misra said coal blocks has been allotted to the company and a joint venture has been formed with five companies, including Sterlite Industries and Lanco Industries, to develop the mines. 1200 mw projectMeanwhile, Monnet Ispat and Energy plans to build a 1,200 mw independent power project in Orissa by 2010. Mr Amitabh S. Mudgal, Vice-President (Marketing and Corporate Affairs), Monnet Ispat and Energy Ltd, said “We have already been allotted coal for the project by the State Government.” Higher capacityThe company is also in the process of increasing the capacity of its 100-MW captive power plant at Raipur to 280 mw by March. Monnet Ispat intends to generate 40 per cent of its revenues from its power business, which is now 10 per cent. The balance revenue comes from steel. The company has tied up with Jindal Photo and Tata Power to mine coal blocks with estimated reserves of 300 million tonnes in Orissa. This apart, it plans to double its steel making capacity to one million tonnes by 2009 and to three million by 2011, he said. More Stories on : New Projects | Steel | Rural Development
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