The Hindu Business Line : SAIL funds bridge over Damodar

The Union Minister for Steel, Mr Ram Vilas Paswan, on Tuesday laid the foundation stone of a new road bridge over the Damodar that will connect Burnpur in Burdwan district with Madhukonda in Purulia district of West Bengal.

The construction of the bridge, estimated to cost about Rs 50 crore, is being funded by the Steel Authority of India Ltd under its corporate social responsibility programme.

The proposed 720-metre long all-weather road bridge will provide better connectivity for the entire area under the Asansol Durgapur Development Authority, where SAIL’s IISCO Steel Plant (ISP) is located. ISP, which was merged with SAIL two years ago, is presently undergoing massive modernisation and expansion as part of a larger growth plan.

Addressing a gathering on the occasion, Mr Paswan said that ISP would honour its 2010 modernisation and expansion deadline. The recently-revived Kulti Steel Works is likely to commence production by August this year.

The Minister said the revival of ISP and the Kulti Steel Works would assist in the development for West Bengal. SAIL is investing more than Rs 20,000 crore for modernisation and expansion of its units in West Bengal.

Describing ISP and Kulti Steel Works as a part of the “national heritage”, the Minister requested the West Bengal Government to extend sales tax waiver for ISP beyond March 31, 2008, since the plant was yet to regain its net worth.

Mr Paswan said that appropriate steps would be taken to rein in spiralling steel prices. Private players have been sidelining the Steel Ministry’s price monitoring committee and have been increasing prices arbitrarily, he said.

Acknowledging that raw materials prices had hit the roof, he said steel price rises needed to be commensurate with the increase in raw material costs and should not be arbitrary.

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