Lack of raw material commitment to discourage investors”- Ratan Jindal

Mr. Ratan Jindal,Vice Chairman – Managing Director and Chief Executive Officer of Jindal Stainless Steels Ltd Limited, said that lack of raw material commitment by the Odisha government
in the MoUs may discourage investors to invest in the state’s mineral based
industry.

“In
the future, if a mineral based investor who wants to set up his project here
(Odisha) is denied access to raw material access, why would he be interested to
set up the plant?. It is fine if the state government takes steps to protect
the laws of the land but the investors should also be provided facilities”,
Jindal said. The state government in its new guidelines on January 15, had
ruled out commitment on raw material supplies to industries in the fresh MoUs. “The Odisha government will
no longer give any fresh assurance on supply of raw materials to steel
companies in the revised MoUs to be signed with those steel makers whose
earlier Memorandum of Understanding (MoU) validity period has already expired.
Also the state will not recommend the centre for allocation of coal block in
favour of any company in view of the recent amendments in the MMDR act, 1957,
which has mandated competitive bidding of coal blocks.

Reported by Tapan Moharana