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.
Amidst the deteriorating economic situation in Sri Lanka, the emergency imposed for the second ti
Today is a big day for Delhi Chief Minister Arvind Kejriwal, who is facing trial as the main accu
It has been made clear to the miscreants and terrorists engaged in the conspiracy of target killi
This new launch smartwatch is available at a discount of 83%, its dial is the biggest feature
Amazon Deal On Smartwatch: Don't miss to check out your choice and budget options on Amazon befor
Zika Virus: Zika virus knocks in Karnataka, 5-year-old girl infected, health department on alert
After Coronavirus, now Zika virus has also been knocked down in the country. Its first case has c
Former Pakistan Prime Minister Imran Khan is now angry with the new Army Chief General Asim Munir
Prime Minister Narendra Modi on Monday lauded the Union Budget presented in Parliament on Februar
Salman accident case: Court permits statements of dead bodyguard, medico
Mumbai, March 7 (IANS) A Mumbai sessions court on Saturday permitted the prosecution in the Sal
Monsoon is raining in most of the states of the country. Given the heavy rains, the Meteorologica
Mumbai airport numero uno in freight traffic
Mumbai, March 19 (IANS) Mumbai's Chhatrapati Shivaji International Airport Ltd. (CSIA) has emer
