Aluminium major Hindalco is keen to set up a plant in Chhattisgarh, good news that comes close on the heels of a record Rs.145 billion ($3 billion) investment in a single day in the state.
"Hindalco wants to have a one- million-tonne per annum capacity plant in state. We have assured that we will provide all facilities, including bauxite raw mining stocks of Surguja and Kawardha districts," Chhattisgarh's Finance and Industry Minister Amar Agrawal told IANS.
He added that a Hindalco team had toured the state twice during the past three months to select plant sites and assess the raw mining stocks.
"Talks with Hindalco are at a very preliminary stage, the government wants it to set up a plant in the state and now it's up to the company to take an early decision and select plant sites," Agrawal stated.
Chhattisgarh has huge stocks of bauxite raw material in the Surguja and Kawardha districts from where the Sterlite group controlled-Bharat Aluminium Company (BALCO), based in Korba, is getting cent percent bauxite for its annual 100,000 million tonne production.
BALCO is currently expanding its smelter units with Chinese technology, with a Rs.45 billion investment to raise its annual production to 3.5 million tonnes per annum by the end of this year to compete with two major rivals, Hindalco and the government-controlled National Aluminium Company (NALCO).
Chhattisgarh has emerged as a major investment destination for domestic and foreign investors with Rs.350 billion investment mostly in the steel and power sector during the past one and a half years.
Tata Steel signed a memorandum of understanding with the state government Saturday for setting up a five-million-tonne per annum capacity plant in one of the most backward and Maoist-infested regions of the country, Bastar, with Rs.100 billion investment.
The Indian Farmers Fertilisers Cooperative Limited (IFFCO) too inked papers with the Chhattisgarh State Electricity Board (CSEB) the same day for investing Rs.45 billion in a joint venture for setting up a super thermal power plant of 1,000 MW capacity in Surguja district.
Indo-Australia committed to resolve agri-trade issues
Publish Date : 3/3/2007 7:21:00 AM
The agri-trade has become a very contentious issue in the World Trade Organisation (WTO), but India and Australia have agreed to resolve issues coming in the way of trade in agricultural goods by setting up a mechanism.
RBI to absorb more liquidity to contain inflation
Publish Date : 3/3/2007 7:11:00 AM
In a bid to further contain inflation, Reserve Bank of India today announced a modified market stabilisation scheme (MSS) and liquidity adjustment facility (LAF) to suck out Rs 11,500 crore from the system.
Gold and Silver prices turn distinctly weak
Publish Date : 3/3/2007 7:03:00 AM
Both the precious metals today turned distinctly weak on the bullion market as silver plunged by Rs 570 and gold by Rs 155 on heavy stockists offerings tiggered by sharp fall in the global markets.
Further fall in gold and silver prices
Publish Date : 3/2/2007 7:06:00 AM
Both the precious metals continued to decline on the bullion market here today on sustained offering from stockists in view of fall in the international markets.
Rupee ends marginally up at 44.26/27 a dollar
Publish Date : 3/2/2007 7:03:00 AM
The rupee today ended marginally higher at Rs 44.26/27 a dollar, supported by a smart recovery on equity markets coupled with fresh exporters' dollar sales.
Hyundai domestic sales up 74 pc in Feb
Publish Date : 3/2/2007 7:01:00 AM
Hyundai Motor India today reported a 74 per cent increase in its domestic vehicle sales during February at 15,459 units compared to the same month last year.
Hutchison Telecom files caveat fearing legal move by Essar
Publish Date : 3/2/2007 6:59:00 AM
Hong Kong-based Hutchison Telecom has filed a caveat before the Bombay High Court to ensure that its plea is heard in case Essar moves the court, challenging the the foreign partner's decision to sell stake to Vodafone.
Skoda slashes car prices up to Rs 24,000
Publish Date : 3/2/2007 6:56:00 AM
As car makers Maruti and Hyundai announced a hike in prices, luxury car maker Skoda Auto today slashed prices across all models by up to Rs 24,000 citing reduction in customs duty on imported car parts in the Budget.
Bond prices continue to decline
Publish Date : 3/1/2007 8:30:00 AM
Government bond prices continued to decline on persistent selling while call rates eased in view of ample liqudity in the system.
India should be more conscious of global developments: RBI
Publish Date : 3/1/2007 8:19:00 AM
The Reserve Bank of India today said the steep fall in Indian stock markets was a contagious effect of plunge in overseas bourses and the country should have strong market and regulatory mechanism to avoid disruption in markets.
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