High point in resurgent steel industry, it makes us proud: Paswan

On the eve of the successful completion of Tata’s takeover of Corus, Sumant Banerji caught up with steel minister Ramvilas Paswan

On the eve of the successful completion of Tata’s takeover of Corus, Sumant Banerji caught up with steel minister Ramvilas Paswan.

On the valuation. The deal marks a high point in the resurgent steel industry. Tata Steel would now be the fifth largest steel manufacturer in the world and it makes us proud. About the valuation of the deal, steel is a product which is de-regulated and controlled by the market and we do not have a say in that. We feel that if Tata were to set up a greenfield facility for 19 MT then the cost for setting up the plant would have been comparable to what they are paying now.

On Tatas wanting to export ore for utilisation at Corus plant. The matter of iron ore exports is being looked into by an inter-ministerial committee. Whether Tata would be allowed to export steel from a mine in India to its Corus plant will be decided by the state government. We are told that Tata wishes to export semi finished steel and turn it into finished steel in Corus and that is absolutely fine by us.

On Sail looking at overseas acquisitions. We’ve given Sail full freedom to look at acquisition opportunities abroad. We are simultaneously encouraging and facilitating domestic consolidation and a lot of public steel companies would be merged into Sail. It will not face any hindrance from the government and we will support any move to acquire a foreign company.

outside the RJD party office in Patna on Friday. Partners of the alliance filed nomination papers for all 121 seats going to polls in the first phase – the total strength of the Bihar House is 243 – while talks continued to end the deadlock over seats.

Mahagathbandhan parties fail to seal Bihar pact, field own candidates for Phase 1

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Opposition Mahagathbandhan in Bihar failed to announce a seat-sharing pact as nominations closed for the first phase of Assembly elections. Talks are ongoing to end the deadlock over seats, with over a dozen constituencies still in dispute. The alliance has released lists of candidates, with RJD reportedly contesting 130-135 seats and Congress around 60.

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