Thursday, Mar 31, 2005
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By Our Special Correspondent
NEW DELHI, MARCH 30. The Centre has set up an inter-ministerial committee headed by the Steel Secretary to expedite clearance of the proposed Rs 40,000-crore investment in Orissa by the Korean steel major, Posco, the Minister for Steel, Ram Vilas Paswan, told newspersons here on Tuesday. Besides the Steel Secretary, the panel included representatives of the ministries of coal and mines, shipping and transport, commerce, and environment and forests, Mr. Paswan said after his meeting with a 12-member trade delegation from Luxembourg led by its Minister for Economy and Foreign Trade, Jeannot Krecke. An enthused Mr. Paswan also informed newspersons that the world's second largest steel maker, Arcelor, headquartered in Luxembourg, had expressed its desire to explore opportunities for investing in India. In a positive response, he noted that Arcelor representatives had said they would be sending a fact-finding delegation to India to explore and arrive at definite investment plans for having a manufacturing presence in the country. Corroborating the Minister's views was the Ambassador of Luxembourg to India, Paul Steinmetz, who said: "The meeting with the Indian Steel Minister was good. Arcelor has shown interest for India in steel sector but no concrete proposal was discussed." Representing Arcelor in the 12-member delegation from Luxembourg was Patrick Seil from the Singapore office of Arcelor International. The proposed $8-billion investment by POSCO on the ten-million tonne steel project in Orissa is said to be the largest investment in India from any country so far. In return, the only assurance, apart from the hassle-free approval, that the Korean major is seeking from the Government is a long-term lease with the authorities concerned for abundant supply of coal and iron ore.
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