Chhattisgarh scarps MoUs worth 100 billion

Tuesday, 18 September 2007, 07:00 Hrs
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Raipur: Chhattisgarh has scrapped memorandums of understanding (MoUs) with 18 private players, which promised to bring in investments worth over 100 billion in the state's steel and power sectors but failed to move on their projects, state industry minister said here Tuesday.

Prominent among the companies was Texas PowerGen, USA, which had inked a deal with the state government in June 2005 to invest 55 billion for installing a 1,320 MW thermal power plant, besides a sponge iron unit and a captive power plant.

"The state government has decided to revoke MoUs with 18 private firms as they failed to stick to the industrial policy of the government which makes it mandatory for the firms to begin the projects within a certain period of time," Rajesh Munat, state minister for industries told IANS.

The decision to scarp the MoUs was taken here Monday at a meeting of the State Investment Promotion Board presided over by chief minister Raman Singh and attended by Munat and several other ministers.

"The 18 companies can apply afresh with the state government for fresh MoUs if they are really serious," said Munat.

Besides Texas PowerGen USA, the companies include London-based Farrell Engineering, Akshya Investment Limited (Raipur), Vandana Energy and Steel (Raipur), National Steel and Agro (Mumbai), Aryan Steel and Power Ltd (Bilaspur), Alliance Integrated Metallic (New Delhi), Magnum Steel (New Delhi), JPT Metal Industries (Kolkata), Chhattisgarh Iron and Steel (Mumbai), Mega Power Builders and Developers (Mumbai), Anand Steel (Bhilai), joint venture company Leitch Asia Ltd (London)-Lenco Amarkantal Power Ltd (Hyderabad), Big Boss Steel (Kolkata), Vasundhara Steel and Power Ltd (New Delhi), Rackson Strip (Orissa) and Shyam Global.
Source: IANS
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