New Delhi Under SPV model, government will get all statutory clearances for greenfield projects

Stung by allegations that natural resources have been allotted in non-transparent ways, the government is set to start auction process in the steel sector, whereby certain large projects would be offered on the basis of the highest upfront payment and royalty bid. The ministry of steel is planning to introduce the special purpose vehicle (SPV) model for awarding projects.

Among major projects stalled awaiting new legislation are Posco, ArcelorMittal, Tata Steel and Coal India

More than a century after it was drawn up by British colonial rulers, India's land acquisition law is finally set for a revamp that promises to breathe life into scores of frozen industrial and infrastructure projects and help lift the sagging economy.

Rejecting charges of wrongdoing in coal block allocations, Prime Minister Manmohan Singh on Monday said the government has already initiated the process of cancelling mines to companies which failed to develop them and action would be taken against 'wrongdoers' if any.

"We have initiated action to cancel the allocations of allottees who did not take adequate follow-up action to commence production," Singh said in a statement in both Houses of Parliament amid uproar created by the BJP.

In what will be the largest fund-raising exercise by an Indian corporate in a long time, Tata Steel plans to hit the loan market for close to Rs 18,000 crore.

New Delhi As many as 50 of the 57 captive coal blocks allocated to private firms, which are at the centre of a row over a damning CAG report, haven’t yet got various other statutory clearances.

Mumbai In what will be the largest fund-raising exercise by an Indian corporate in a long time, Tata Steel plans to hit the loan market for close to R18,000 crore.

The Ministry of Environment and Forests has accorded the much-awaited environment clearance to a group of mid-scale projects of Tata Steel at its upcoming industrial park at Gopalpur in south Odisha.

The projects include a 55,000-tonne per annum (TPA) high carbon ferrochrome plant, a 400,000-TPA rebar mill and a desalination plant to meet the water requirement of the industrial park.

The recent decision of the Supreme Court capping iron ore production at 30 million tonnes per annum in Karnataka has not deterred iron and steel companies from expanding their capacities. Both the existing and new steel companies have lined up expansion plans as well as set up greenfield plants in the ore-starved Karnataka state.

While newcomers like Arcelor Mittal and Posco are still awaiting allotment of captive mining leases before commencing work on their respective six million tonne per annum greenfield steel plants in the state, existing manufacturers like JSW Steel Ltd, BMM Ispat Ltd and Kalyani Steel have planned expansion.

Government auditor CAG on Friday said private firms were likely to gain Rs 1.86 lakh crore from coal blocks that were allocated to them on nomination basis instead of competitive bidding, which will result in a loss to the national exchequer.

The CAG in its report, tabled in Parliament, names 25 companies including Essar Power, Hindalco, Tata Steel, Tata Power and Jindal Steel and Power which have got the blocks in various States.

The office of the Adityapur Municipal Council on Tuesday.