Financial Daily from THE HINDU group of publications
Friday, Sep 23, 2005
Financial Daily from THE HINDU group of publications Friday, Sep 23, 2005 |
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Corporate
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New Projects Kudremukh to invest Rs 1,500 cr in expansion Our Bureau
Bangalore , Sept. 22 THE public sector Kudremukh Iron Ore Company Ltd proposes to invest Rs 1,500 crore in fresh projects and upgradation of existing mines in the Bellary-Hospet belt in Karnataka and Orissa. The investment includes the Rs 300 crore for upgradation of its pelletisation plant in Mangalore and port handling infrastructure. In Orissa, it proposes to set up a 50:50 joint venture with Steel Authority of India. The project involves expanding production of ore from three mines — Barsua, Kalta and Taldi. ` In Karnataka, the company is awaiting clearance from the State Government for a greenfield mining project. This would involve an investment of Rs 500 crore. The company's Chairman and Managing Director, Mr P. Ganesan, who was speaking to reporters after attending a meeting with the Union Steel Minister, Mr Ram Vilas Paswan, here on Thursday, said it was proposed to raise the present capacity of the Mangalore pelletisation plant by one million tonnes from the current of 3.3 million tonnes. The PSU today paid a dividend of Rs 128.77 crore to the Government for financial year 2004-05. It had paid an interim dividend of Rs 31.41 crore in December 2004. A cheque for the balance amount was handed over to Mr Paswan today.
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