The Union Minister for Steel Shri Virbhadra Singh today released here a 20 point agenda of the Ministry of Steel for the first 100 days of the government. The agenda includes a strategic partnership between Kudremukh Iron Ore Company Limited (KIOCL) and National Mineral Development Corporation Limited (NMDC) in which both companies will have cross holding of each others shares with NMDC acquiring a majority stake in KIOCL. KIOCL will also acquire a stake in NMDC to benefit from the synergies between the two companies. The government also envisages setting up of joint venture companies between the Steel Authority of India (SAIL) and Shipping Corporation of India, joint venture between MOIL and SAIL and a joint venture between MOIL and RINL for Ferro Alloy Plant. Releasing the agenda the Minister said, the expansion programme will be implemented in a time bound manner. Replying to a question Shri Virbhadra Singh said, there is nothing alarming on the steel price front. Minister of State for Steel Shri A Sai Prathap, Steel Secretary Shri P.K.Rastogi and other senior officers were present.
The Minister said, the Rashtriya Ispat Nigam Limited has been identified as the strategic partner for acquiring controlling stake in the Bird group of companies. The organizational structure proposed is for Orissa Mineral Development Corporation (OMDC) and Bisra Stone Lime Company(BSLC) and Eastern Investments Limited to be subsidiaries of RINL, which would be the holding company. Efforts will be made to procure approval of Government within 3 months for restructuring of Bird Group of Companies.
The agenda said, further concerted efforts will be made for transferring Chiria Mines in the next 100 days for ensuring that the requisite formalities are completed for settling all the pending issues in favour of SAIL. The Minister further said, efforts will be made to see that Navaratna status is conferred to RINL within 100 days.
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