OREANDA-NEWS. August 22, 2011. I refer to various reports that are appearing in the media in the last few weeks on our proposed 10 MTPA Integrated Steel and Associated Power Plant projects at Salboni, Paschim Medinipur.

I would like to reiterate that the project at Salboni remains our top priority investment proposal in the Group and we are committed to the people of West Bengal to implement this project within the time frame that we are discussing with the State Govt.

Tliis project envisages a total investment of Rs. 35,000 crores and in the first phase, we will be investing about Rs. 20,000 crores including our investments in the Power Station and Coal Mines.

Jt is expected to create a huge economic multiplier in the State and enormous job opportunity to young men and women will emerge from this investment.

A number of enabling work that require time like, Environment clearances and Statutory approvals. Geological exploration of Coal Mines, Water pipeline approvals, Railway clearances are all in place.

I am happy that the proactive stance taken by the State Govt has ensured a speedy resolution of some of the issues like allocation of water and regularisation of land acquired by us directly from the land owners.

I am confident and have full faith that the State Government under the leadership of Hon'ble Chief Minister Ms. Mamta Banerjee will continue to extend its support and we will be in a position to complete our Financial Closure and commence work at the ground at the earliest.