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Company : Business Wire 
Wednesday, May 29, 2002 4:00PM IST (10:30AM GMT)
 
Chhattisgarh-Balco MoU for Rs 6000 Crores Fresh Investment
Raipur, Chhattisgarh, India

Chhattisgarh's State Industrial Development Corporation today signed a Memorandum of Understanding (MoU) with Balco for a fresh investment of Rs 6000 crores to expand Balco's operations in Chhattisgarh. The Chhattisgarh State Industrial Development Corporation (CSIDC) has assured all support to Bharat Aluminium Company Limited (Balco) for its plans to expand the capacity of Balco's Aluminium Smelter Complex at Korba fourfold from the existing 1 lakh to 4 lakh tonnes per annum. There would be associated expansions in the Bauxite and Alumina mining facilities in the state as well as installation of a 600 MW captive power plant, bringing Balco on par with international players. The MoU was signed by Mr C V Krishnan, Managing Director, Balco, and Dr P Raghavan, Managing Director, CSIDC in the presence of Mr Ajit Jogi, Chief Minister, Chhattisgarh.

Speaking on the occasion, Mr Ajit Jogi, Chief Minister said, "We are a big State with a small government that is committed to provide Good Governance and Good Infrastructure. We will extend all possible support to private investors who wish to join hands with us in the overall development and growth of the state. The fact that we are a power surplus state is our USP and we shall emerge as the power hub of India."

This large investment in Chhattisgarh comes just after the enactment of Chhattisgarh Investment Promotion Act, 2002, which has set up the State Investment Promotion Board (SIPB), a statutory single-point-of-investor-contact. Chaired by the Chief Minister, SIPB provides quick and time-bound approvals on behalf of all departments. As a result of Chhattisgarh's initiatives in Good Governance and Good Infrastructure, the State has already tied up over 5000 mw of fresh thermal power generation capacity over the last 12 months.

Under the MoU, CSIDC shall provide all necessary assistance in procuring land for the proposed projects in Korba including additional land for the coal handling and ash / mud disposal facilities for the power plant. It shall also facilitate clearances pertaining to environment, power, etc. CSIDC shall also help quick recommendations of the state government to be forwarded to the central government for the grant of mining leases that may be required at any time in future for fulfilling the long-term requirement of raw materials for the projects. Specific Bauxite mines have been identified for this purpose at Mainpat and Kawardha in the state.

Among other incentives to these projects, the duty on consumption of electricity shall be waived for a period of 15 years, entry tax in respect of capital goods and raw materials shall be exempted and stamp duty / registration fee shall be waived as per Chhattisgarh's Industrial Policy.

Speaking on the occasion, Mr C V Krishnan, Managing Director, Balco said that under Mr Jogi's leadership, Chhattisgarth would provide a world class industrial environment for industries. Balco will initiate all necessary steps to implement the projects under the MoU. Balco would continue to contribute to the industrial development and economic growth of Chhattisgarh. Balco shall also help in developing an 'Aluminium Industrial Park' for down-stream aluminium based industrial units in Chhattisgarh.

Chhattisgarh came in to being on November 1, 2000 as the 26th state of the country. Ninth largest in the country, it is the richest state in mineral resources like coal, iron-ore, bauxite and diamonds. With its surplus power, social and industrial peace and natural resources the state is poised to become the ideal destination for investors and tourists.

For more information, contact:
Shailesh Pathak
Managing Director-CIDC and Director, PR, Government of Chhattisgarh
Phone: 0771 221616
Email: spathak@cg.nic.in

Sanjiv Tiwari
Head-Public Relations, Delhi
Government of Chhattisgarh
Phone: 9810793447

 
 
 
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