Tata Iron and Steel Company Ltd (Tisco) today announced its willingness to relocate its 10 million-tonne steel plant project from Gopalpur in Orissa if there were difficulties in setting it up. Tisco would like to set up the plant with the willingness of the people and would bear the social burden of rehabilitating the displaced villagers, Mr. Ratan Tata, Tisco Chairman, said here at the company’s 89th annual general meeting. Gopalpur, according to Mr. Tata, was chosen as the site for the company’s coastal steel plant as it is located close to a port with iron ore year’s pre-tax profits while it would have incurred a MAT of Rs. 70 crores during the previous year.

MRL files appeal

Madras Refineries Ltd (MRL) has filed an appeal in the Madras High Court against the order of the single judge in its row with SPIC over the SPIC Petrochemicals (SPC) project and also seeking an interim injunction against the SPC project. The appeal is likely to come up before a division bench on July 30. Both MRL and SPIC had filed caveats in the court to prevent one side from getting an ex-parte order against the other. The single judge had asked MRL to deposit a sum of Rs. 75.68 crores with the court within eight weeks.

Forex controls to be eased further

The RBI today announced that it would further liberalise the exchange control regulations including dispensing with the requirement of prior approval of the Finance Ministry for offering hedging tools like interest rate swaps, cross-currency swaps and cross currency coupon swaps. The RBI Governor, Dr. C. Rangarajan, said the substitution of forward contracts would also be allowed.

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