Narendra Tomar meets Telegana CM : Discuss plans for a 3 mt steel plant and mine auction

KOLKATA: Union Minister for Steel and Mines Narendra Singh Tomar called on the Chief Minister of Telangana K Chandrashekar Rao in Hyderabad on Monday. The two leaders discussed the status of the proposed greenfield steel plant in the state among other issues related state's steel and mines sector. The Telegana CM sought support in further expediting the steel plant project which is tipped to boost the state's economy and generate jobs.

Incidentally, Steel Authority of India Limited (SAIL) has prepared a feasibility report and carried out site inspection and market analysis for the proposed plant. Accordingly, recommendations have been made for consideration by the state government and Government of India. These include tax concessions, interest and capex subsidy and recalculation of internal rate of return.

During the meeting, Tomar also presented a Goelogical Survey of India (GSI) booklet on geology and mineral resources of Telangana and district resource maps of all districts to the Chief Minister. Tomar proposed that GSI and MECL, two government organizations under Ministry of Mines can assist the state in assessing its mineral resources for revenue generation. Similarly, state can consider utilizing the services of MSTC, a PSU under Ministry of steel, for auctioning of mines to monetise the state's mineral resources.

On his part, Rao also assured quick action on identification and auctioning of mines. Other issues that were also discussed include, a proposal to give preferential treatment to products of Vizag Steel for use in the state's infrastructure and industrial development, setting up of District Mineral Foundation in various districts of the state and identification of mines for auction.