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No proposal for Posco review in Orissa: MoS Steel

Written by: Staff

New Delhi, Dec 4 (UNI) The Government has no proposal before it for reviewing the Posco steel project in Orissa, said the Minister of State for Steel Akhilesh Das in a written reply in the Lok Sabha today.

He said however, a meeting of the Foreign Investment Implementation Authority (FIIA) was held on August 17 this year in the Commerce Ministry, Department of Industrial Policy and Promotion (DIPP), to discuss the progress of the Posco steel plant.

The issue discussed in the meeting included progress of acquisition of land for the project, resettlement and rehabilitation measures undertaken by the Orissa government and the company, mining licenses and other infrastructure facilities like power road and railway lines.

Responding to another question, Mr Das said the Ministry of Steel had constituted an expert group under the chairmanship of former Steel Secretary B L Das to examine various proposals of merger between PSUs under the Ministry and make recommendations about the feasibility of these proposals.

The expert group has recommended and the government has accepted the same for the merger of Nilachal Ispat Nigam Ltd (MINL) with Steel Authority of India Ltd (SAIL).

It was decided that NINL equity shares would be acquired through cash payment and subsequently merge it with SAIL.

Industrial Development Bank of ndia (IDBI) has been appointed for valuation of NINL's business and the same is in progress.

Mr Das also said SAIL has earned a net profit of Rs 1,443 crore for the second quarter of the current financial year.


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