Financial Daily from THE HINDU group of publications
Saturday, Mar 12, 2005
Financial Daily from THE HINDU group of publications Saturday, Mar 12, 2005 |
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Industry & Economy
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Steel APMDC, Chennai co to tap iron ore in Prakasam dist Our Bureau
Hyderabad , March 11 THE Andhra Pradesh Mineral Development Corporation Ltd (APMDC) has signed a memorandum of understanding with Gimpex Ltd of Chennai to tap low-grade iron ore deposits in Prakasam district. The deposits, located at Konijedu and Marlapadu villages, covered an extent of 3,143 acres, Ms Sabitha Indra Reddy, Minister for Mines, said. Addressing a press conference here on Thursday, she said the joint venture would see investments to the tune of Rs 150 crore to Rs 175 crore, with the Corporation holding 11 per cent equity. "The JV is expected to yield us Rs 2.25 crore every year at a rate of Rs 45 a tonne of concentrate produced," she said. The plant would have a capacity of five lakh metric tonnes. Besides, the project would generate 500 and 800 jobs," she said. For the Mangampeta barytes project in Kadapa district, the Corporation picked M. Ramakrishna Reddy out of nine eligible bidders. "They have quoted Rs 119.02 crore, the lowest figure," she said. A panel comprising six members looked into the bids. She, however, said ABC Engineering Works, one of the bidders, moved High Court. "We have submitted relevant papers to court," she said. During the last five years, the Mangampeta project recorded an accumulated turnover of Rs 224.35 crore and a profit of Rs 43.74 crore. In a bid to tap huge bauxite reserves to the tune of 700 million tonnes in Visakhapatnam and East Godavari districts, the Government was planning to forge tripartite alliances with private companies, APMDC and local tribals. "This is to protect interests of tribals," the Minister said. All these reserves fell in notified tribal areas and reserve forests. She said she would visit the site, if need be, to check whether the proposed project would harm the interests of tribals.
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