Tata Steel to raise 13,000 cr in 6 mths for Kalinganagar project

13 Feb, 2013, 08.32PM IST, PTI

MUMBAI: Tata SteelBSE 0.47 % is going to raise up to Rs 13,000 crore within next six months for the first phase of its upcoming 6 million tonnes new steel mill in Odisha’s Kalinganagar, a top company official said today. 

“We are looking at closing our project financing for the Odisha project. It is an advanced stage… In phase-I, we will be funding around Rs 12,000 crore to Rs 13,000 crore on debt and then, after we complete (phase-I), we will take a call on (fund raising for) phase-II,” Tata Steel‘s group CFO Koushik Chatterjee said in a conference call.

The Kalinganagar project is the first integrated greenfield project for the company outside Jamshedpur in its over a century-old history.

The project has been divided into two equal phases of 3 million tonnes per annum (MTPA) and is estimated to require an investment of about Rs 35,000 crore.

The first phase of the project is expected to go on strea by June-July, Chatterjee said.

“Work is going on in full swing (at Kalinganagar project). We have significantly mobilised resources on-site and expecting to ramp up the same before the onset of monsoon season, some time in June-July,” he said, adding that the project is being funded at 50:50 debt-equity ratio.

He also said in the immediate future, Tata Steel is looking at only rupee loans but may go for foreign borrowings at a later stage.

Tata Steel has deployed more than 25,000 workers for the construction of the plant, which is being developed to produce flat steel products only.

The company had signed a memorandum of understanding with the Odisha government in 2004 only but due to protests at the site few years ago, in which 13 tribals were killed, had delayed the project.

Tata Steel is in possession of only 1700 acres of the land at present against a total requirement of over 5,000 acres for the full 6 MTPA capacity.


1,200 tonnes of wheat rot in scarcity-hit Gujarat #Narendramodi #Indiashining

A bag of wheat, often used as an adjunct

A bag of wheat, often used as an adjunct (Photo credit: Wikipedia)

TNN | Aug 13, 2012, 04.35AM IST

VADODARA: Wheat enough to feed more than 5,000 people for more than a year has been left to rot at the Vadodara railway station even as the current spell of monsoon showers hit the city. The foodgrain has been allowed to turn to waste less than a week after more than half of Gujarat was declared scarcity-hit.

Some 1,200 tonnes of wheat, packed in 24,000 bags, was lying in the open at the Vadodara railway yard when a TOI team reached there on Sunday afternoon. The foodgrain had poured out of the bags and had become a free lunch for stray cattle.

The wheat sent by Food Corporation of India was to be sent to Central Warehousing Corporation (CWC’s) godown in Vadodara within 36 hours. It was meant for both poor people to be given through the public distribution system as well as for sale in the open market. It was wasted only because the contractor didn’t pick up the bags in time apparently because he didn’t have enough labour to do the job.

“This is unfortunate,” said economist and former Union minister Y K Alalgh. “Such a waste can’t be allowed in our country simply because there is a lack of coordination between various agencies, including the railways and the FCI. The guilty should be brought to book.”

Vadodara collector Vinod Rao and BJP MP Balkrishna Shukla rushed to the spot as word on the issue spread.

CWC officials, however, downplayed the issue, saying that it was a minor hitch. “The contractor was expected to pick up the entire stock from the railway yard. However, he couldn’t do so as the stock was large. Usually, the stock is not offloaded when it is raining. But when the stock was offloaded three days ago, it wasn’t raining. The contractor had moved many bags from the yard to the godown,” said CWC regional manager V K Tyagi.

“Many foodgrain bags have become wet, but we can salvage them and use them again. The lack of infrastructure in the railways, too, led to the situation. We will take action against the contractor and penalize him for the damage,” Tyagi added.

FCI regional manager N Mohan said out of 54,000 bags, 30,000 had been shifted.

More than 1000 farmers commit suicide every year in Bengal

KOLKATA, Jan 27 – Although the Chief Minister of Bengal has ruled out the recent farmer’s death in the state but according to the State Agriculture Minister, Rabindranath Bhattacharya, last year there were 1,200 farmer suicides, while in 2009 and 2010 there were 1,054 and 993 farmer suicides, respectively.

The CM‘s rejection came a day after Bengal Governor stated that farmer’s suicide is an ‘unfortunate’ incident. The CM claimed that there was only one farmer’s death since she came to power. There were reports of 26 such incident in last eight weeks alone.

Mr Bhattacharya, however, admitted that they were handicapped by severe fund crunch, adding that the poor condition of the state exchequer and failure to set up sale counters across the state delayed paddy procurement.

Although the government ruled out distress sale leading to farmers suicide at a mass scale, it has decided to take a special drive and conduct camps in the next one month to procure additional paddy.

The state food and supplies department plans to procure around 1000 metric ton of paddy through camps that would be held on 27 and 29 January. Similar camps would be held next month as well. Till now, the government has procured 3.67 lakh metric ton of paddy and is yet to procure 13 lakh metric ton. The Food Corporation of India targets a procurement of 4.5 lakh metric ton within September.

Ms Bannerjee also rejected the suggestion of CPI-M MLA that an all party team should visit the place. Congress and CPM, both, criticized this decision of Bannerjee.

By- Jitendra, Newzfirst at http://www.newzfirst.com/web/guest/


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