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Home > News > Jharkhand Government Likely To Cancel Mous With Steel Makers

Jharkhand government likely to cancel MoUs with steel makers

Infrawindow News Bureau




Apr. 19, 2012, 03:22 PM

Jharkhand government likely to cancel MoUs with steel makers The Jharkhand government is considering cancelling the memorandum of understandings (MoUs) signed with Ispat and Bhushan Steel, given the tardy progress by the steel makers, reported agency.

The state government has cancelled 27 of its 75 MoUs in the last couple of years, the most recent being that of Sesa Goa. The government is likely to cancel the MoUs of Prakash Ispat, BM Salgaocar, Sunflag Iron and Steel, Contisteel and Vini Iron & Steel Udyog, AP Singh, state secretary said.   

"Of the current total 70 MT of annual steel capacity in the country, we will account for 17-18 mtpa from integrated steel plants and another 7-8 mtpa from sponge iron plants by the end of this year," said Singh.

India's steel production is to reach 120 mtpa in the next five years. "Just adding up proposed capacity from investors who have been granted substantial resources will take Jharkhand's share to 50 mtpa. We have to consider not just our non-renewable mineral resources but also other natural resources, such as land, water and infrastructure, that these projects will demand," added Singh. The prized iron ore deposits, including Chiria, largely lie under the Saal forest of Saranda.

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