Odisha to scrap deals with Rio Tinto, Sesa Sterlite, Hindalco


Posted on 25th Feb 2015 03:39 pm by mohit kumar

Bhubaneswar, Feb 25 (IANS) The Odisha government has decided to scrap joint venture agreements with global major Rio Tinto, Vedanta Group firm Sesa Sterlite and Aditya Birla Group-owned Hindalco Industries, an official said Wednesday.

Odisha Mining Corporation (OMC) run by the Odisha government had inked joint ventures with Rio Tinto, Sesa Sterlite and Hindalco.

While the government has decided to scrap the joint venture with Anglo-Australian mining major Rio Tinto, OMC has issued show cause notices to Sesa Sterlite and Hindalco asking them to show reasons for not cancelling the joint ventures, said the official.

"We have sent show cause notices to Hindalco and Sesa Sterlite. They have been asked to send their replies within two weeks," said a senior executive of OMC.

The government has already communicated the termination of the joint venture to Rio Tinto.

The government's decision is likely to come as a blow to the mining spectrum, especially when the companies have set up their projects on the assurance of raw material to run their end use plants in the state.

OMC had inked a joint venture with the Anglo-Australian company in 1995 to develop Gandhamardhan and Malangtoli iron ore deposits in Keonjhar and Sundergarh districts with a mining capacity of 25 million tonne per annum.

However, the project could not take off ever since the signing of the joint venture pact.

In the two joint ventures with Sesa Sterlite and Hindalco, OMC had formed two companies.

South West Bauxite Mining Company (Pvt) Ltd. was formed for supply of bauxite from deposits in Kalahandi and Rayagada districts to feed the aluminium refinery of Vedanta Aluminium Ltd.

Similarly, East Coast Bauxite Mining Company (Pvt) Ltd. was formed for the development of Kodingamali bauxite mines in Koraput district supplying raw material to the alumina refinery of Hindalco.

0 Like 0 Dislike
Previous news Next news
Other news

Harshal became 'Man of the Match', said - I was not sure I would get it, KL Rahul deserved it

Harshal Patel did wonders while making his international debut for the Indian cricket team in Ran

Russia becomes India's largest oil supplier: Saudi Arabia and Iraq left behind, Pakistan is still seeking discount

In terms of supplying crude oil to India, Russia has left behind Iraq and Saudi Arabia. According

The leaders of Rajasthan will take charge of the election campaign in Uttar Pradesh and Punjab, Congress, and BJP prepared the team

Jagran Correspondent, Jaipur. The leaders of Rajasthan will take charge of the assembly election

Corona Updates: Big jump in corona cases in the country, about 34 thousand new cases surfaced in 24 hours

The havoc of corona infection is not decreasing in the country. The ever-increasing cases of coro

IND vs ENG: 'England will finish the match in 60-70 overs', Anderson is being trolled fiercely for this statement in the second test

India defeated England by 106 runs on Monday, the fourth day of the second Test match played in V

ISRO to build third launch pad at Sriharikota

New Delhi, March 12 (IANS) Indian space agency has proposed to set up its third rocket launch p

After the Auckland humdinger, SCG gets ready (Column: Just Sport)

Hitting a six off the last delivery to win a match is a norm in the Twenty20 madness, but to do

There were 83,625 cases of infection in 24 hours and 80,419 people recovered; 1136 people lost their lives; 63.07 lakh cases in the country

The country received 83,625 cases of corona in 24 hours and 80,419 people were recovered. With th

PM Modi Ahmedabad Visit: PM Modi will visit Gujarat today, and will participate in the Vibrant Gujarat Global Summit

Prime Minister Narendra Modi will be on a visit to Gujarat from 26 to 27 September, during which

Activists decry slashing of budget for children

New Delhi, March 2 (IANS) Child rights activists on Monday termed the slashing of budgetary pro

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash