Page 20 - Built Expressions - Online Construction Magazine - November 2014 Issue

NEWS SCAN Investments in Modernization and Expansion of Ministry of Steel to set SAIL should be refected in production and profts up “Steel Research & says Shri Narendra Singh Tomar Union Steel, Mines, Labour and Employment Minister Shri Narendra Singh Tomar Technology Mission of India” reviewed the performance of Steel Authority of India Limited (SAIL) in a meeting held at Udyog Bhawan, New Delhi recently. He said, “Investments in Modernization Ministry of Steel will set up a “Steel Research & and Expansion of SAIL should be refected in production and profts. Performance Technology Mission of India” (SRTMI) to promote of every Plant must be monitored on a regular basis to prevent any further delay. collaborative research programmes in steel Quick decisions and corrective action must be taken in respect of non-performing sector. The Union Minister of Steel, Mines, Labour agencies. Ministry will facilitate expediting of clearances from other centre and & Employment, Shri Narendra Singh Tomar state government agencies. But competence and capabilities of professionals and accorded in-principle approval for setting up executing agencies will have to be ensured by SAIL. Take concrete steps so that SRTMI, in a meeting with senior Ministry offcials Modernization projects are concluded at the earliest.” The Secretary, Ministry of Steel, recently. Shri Tomar remarked that SRTMI will Shri Rakesh Singh emphasized that the proposed completion dates for different projects be steel industry’s contribution to ‘Make in India, have to be sacrosanct and there must not be any extension of these dates. On-ground Made in India’ initiative. Investment on Research performance has to match the capital expenditure made, he added. Chairman, SAIL Shri & Development in the steel sector must increase C.S.Verma sought support for controlling of steel dumping by China, resolution of mine from present level of 0.2-0.3 % of turnover to allotment issues, strategic intervention by Ministry of Heavy Industries and preferential international benchmark of 1-2 % of turnover by consideration for coal mine allotment. the leading companies, he added. Source: Press Bureau of Information The conceptualization of SRTMI was done by a high level task force set up by the Ministry of Steel. World Bank keen On Mumbai’s Metro The task force had recommended that SRTMI is to be formed as a registered society in close Projects Worth Rs 50,000-Cr cooperation amongst the steel companies, Ministry of Steel, academia and relevant institutions in the MMRDA is looking to execute two more country. SRTMI will be governed by a Governing Metro rail projects, besides the 33.5-km Board of CEOs of steel and associated companies, Colaba-Bandra-Seepz stretch for which domain experts of national and international Japan International Cooperation Agency repute, and one nominee from Ministry of Steel. has already granted a loan. In next ten There will be an Oversight Committee under the years close to Rs. 50,000 cr worth Metro rail Chairmanship of Secretary (Steel) to periodically projects are up for execution in Mumbai, assess the functioning & performance of SRTMI. the World Bank has shown a great deal SRTMI will carry out R&D in priority areas of interest to fund these projects at a very competitive rates, this would open up more of national importance covering best usage of fnancing options for the opening up more fnancing options for the city’s development available raw materials & conservation of natural authority. resources, optimum energy conservation & All this while; World Bank loans had been expensive as against other international minimum emissions leading to innovations and funding agencies; such as the Japan International Cooperation Agency (JICA). For in-house development of design, engineering example (MMRDA) had sought a loan for more than half the project cost from JICA at & manufacturing facilities of key steel plant a nominal rate of 1.4%, for Colaba-Bandra-Seepz Metro worth Rs 23,126-crore, (MMRDA) equipment. The task force further proposed at 1.4%. The World Bank is said to have agreed to give loans on a similar interest rate that SAIL, Tata Steel, JSW Steel, JSPL, Essar as JICA’s.” Earlier the World Bank had partially fnanced the MUTP, which enhanced Steel, RINL, NMDC & MECON will be the initial the capacity of the city’s suburban railway and road transport network. The decision participating companies who will sign MOU besides on fnalizing the fnancing agency for the Metro projects will be taken only after Ministry of Steel. consultations with the Union fnance ministry. The Secretary, Ministry of Steel, Shri Rakesh MMRDA is looking to execute two more Metro rail projects. Rs 28,900 crore, 40-km Singh, Additional Secretary & Financial Advisor, Dahisar-Bandra-Charkop underground Metro, which was initially, planned as elevated Shri Vinod Kumar Thakral and other senior lines and Rs 22,000 crore Thane-Wadala-Kasarvadavali Metro, a partially underground government offcials were present on the occasion. corridor. Source: Infrabuddy.com Source: Press Bureau of Information PG 20 Built Expressions Vol: 3 Issue: 11 November 2014