Tata Steel, which had faced issues over iron ore mining leases, has urged the new government to come out with a clear policy measure to aid overall growth.
TV Narendran, Managing Director (India and South East Asia), Tata Steel, said the Government must work closely with corporates to realise the full potential that India can offer and improve business confidence.
“We are confident that the new government would provide a strong and stable direction for growth in the country,” he added. “We expect a commitment for strong action that would help the steel and mining industry to play its part with the government to enable overall growth,” he said.
Tata Steel’s six million tonne project at Kalinganagar in Odisha faced huge resistance and cost run-up due to hurdles in land acquisition. Conceived in 2005-06, the company managed to begin work only in 2010.
Despite drawbacks, the company is close to commissioning a three million tonne per annum steel plant with an investment of ₹25,000 crore. The company still does not have long-erm linkage of raw material such as coal and iron ore.
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