Koda renews MoUs in Mittal’s mega venture

On October 9, 2004, MSC and the state Government had inked three MoUs committing to pump in approximately Rs 40,000 crore in mining and steel-making operation in Jharkhand. In the first MoU, the company promised to join hands with the Government to upgrade the state-run ITI and in the second, promised to help set up polytechnics.

In the third MoU, MSC declared: “Mittal Steel now intends to undertake a detailed project report (DPR) to identify location of a steel plant, iron ore and coal mines and water resources. It will also study the possibility of setting up a mega power plant of 2,500 MW and also townships for its employees, as part of the project.”

To make Mittal come up with his maiden mega venture in India, the NDA Government led by Arjun Munda had promised to help his company gain 25,000 acres of land and recommend grant of lease of 600 million tonnes of iron ore reserve for a period of 30 years and 400 million tonnes for another 20 years.

During the past three years, while the MSC set up its office here, floated a company under the title Mittal Steel Jharkhand and got the DPR made for the project, the UPA Government led by Madhu Koda approved its application making its counterpart at the Centre to allot 160 million tonnes of Shergarha coal reserve to it in Palamu.