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NEW PROJECT: Industries Minister Elamaram Karim inaugurates a rolling mill project at Steel Complex Ltd. at Nallalam in Kozhikode on Sunday.
Kozhikode: The joint venture of Steel Complex Ltd. (SCL) and Steel Authority of India Ltd. (SAIL) was formalised at a function attended by senior officials and political leaders, including Industries Minister Elamaram Karim and Executive Director of SAIL Pankaj Gautam, on the Steel Complex company premises here on Sunday. The Industries Minister also laid the foundation stone for a 65,000-tonne capacity, Rs.47.64-crore rolling mill for the company.
Formalising the venture, Mr. Karim said the SCL, which was decided to be closed down by the earlier government for economic reasons along with several other public sector undertakings (PSUs) in the State, was beginning to script a new success story with the launching of the joint venture. “This rebirth will no doubt impart further inspiration to the speedily convalescing industrial landscape of the State,” said Mr. Karim. The Industries Minister said the State government had to make huge sacrifices while striking the joint venture deal with SAIL to salvage the SCL. “It included writing-off of more than Rs. 66 crore due to the government from SCL besides sorting out the huge liabilities it had to the State electricity board,” he said.
Excitement in industry
The Minister said the SCL-SAIL venture had evoked great excitement in industrial circles, it being the first investment by the Union government's SAIL in the State. “Now the onus is on us to ensure that the company scales the ladders of growth,” he said.
Mr. Karim said SCL and SAIL would have equal share in the joint venture, but the company chairman would be a State government nominee. According to him, of the four directors, two, including the chairman, would be appointed by the government. “However, SAIL will have control over its management,” he said.
The Industries Minister, who declared that all PSUs in the State would begin to make operational profit by the end of this year, said all the new eight PSUs promised by the Left Democratic Front (LDF) government would be inaugurated before March.
Mayor A.K. Premajam presided over the function.
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