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Indian Seamless
to setup plant in Australia
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02. TRADE AND ECONOMY |
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Indian Seamless to setup plant in Australia
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According to newspaper reports
Indian Seamless Metal Tubes (ISMT) will set up a US$ 275 million
steel mill and seamless tube plant in Australia jointly with
two other foreign companies. Pune-based company will have a
35 per cent stake in the project . ISTM has recently signed
a proposal for co-operation with Boulder Steel of Australia
and the Breitenfeld Group of Austria for development of the
project in Ipswich, in the northeastern state of Queensland.
The project is expected to produce about 3,50,000 tonne of seamless
tubes a year, Boulder Steel informed the Australian Stock Exchange. |
Boulder Steel added in its communication to the stock exchanges that
ISMT "has agreed to become a cornerstone investor in the project
and can earn up to 35 per cent equity by providing technical and engineering
services and by cash." ISMT has 'agreed' to market up to 1,00,000
tonne per year of seamless tubes produced by the project, it added.
ISMT and Breitenfield are the joint operators of the project and will
provide detailed engineering, design, procurement and construction
management for the project. The three companies have also agreed for
a joint marketing of all three parties' products worldwide. Other
partners of the project include Australian Metal Recovery and the
Queensland government. The former will provide about Rs 100 crore
for the provision of scrap and slag handling facilities.
ISMT is the country's largest producer of seamless steel tubes with
a capacity of 1,50,000 tonne per year. The company is part of the
Indian Seamless Group, which has a turnover of Rs 900 crore. Other
two group companies include Indian Seamless Steel & Alloys and
Taneja Aerospace & Aviaiton. The Breitenfeld Group is an Austrian
privately owned steel producer. It is the fourth largest producer
of speciality steel ignots and billets and has a production capacity
of 1,25,000 tonne per annum. Boulder Steel is a fabricator of structural
and miscellaneous steel, provider of joist, deck, erection and detailing
services. |
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New maritime
policy: An Overview
The ministry of Shipping, Road Transport and Highways has unveiled
a Rs 100,400-crore National Maritime Development Policy (NMDP). The
total outlay is expected to be spread over the next 25 years, with
less than 50 per cent expected from the private sector.
With the various port projects envisaged in the NMDP, the shipping
department expects to achieve a capacity to handle 917 million tonnes
of traffic by 2013-14. An additional capacity of 253 million tonnes
is expected to be reached by 2009 itself.
The whole project has been divided into two phases, with the first
phase to be completed by 2009 and the second phase of ports by 2013-14
and that of shipping by 2024-25.
Nearly 17 per cent or Rs 17,000 crore was expected as budgetary support
and Rs 47,000 crore from the private sector, Baalu said. He added
that while Rs 55,000 crore of investment was expected in the next
seven years for the port sector, Rs 45,000 crore investment was envisaged
in the shipping sector in the next 25 years.
The ministry is at present in the process of obtaining the Cabinet's
approval for the NMDP, in which a policy framework is outlined for
encouraging private investment in the sector. As far as projects were
concerned, the ministry would get Cabinet approvals for specific projects
as and when it was required, a ministry official said.
Within the shipping sector, while Rs 15,000 crore investment is expected
for vessel acquisition by the Shipping Corporation of India, another
Rs 10,500 crore expenditure is expected in the coastal shipping sector.
The government will set up a coastal development fund, with government
funding of Rs 500 crore and Rs 1,500 crore of loans from financial
institutions. This will further be leveraged to raise Rs 8,000 crore
from the private sector. The fund will be exclusively used for vessel
acquisition.
The first phase mainly comprises ongoing projects, those already been
approved by the government and those that are to be started after
April 2005 but expected to be completed by March 2009. For instance,
for phase-I in ports sector, the projects included are two offshore
container berths for the Mumbai port, setting up of iron ore and coal
berths at Paradip and a container terminal at Ennore. |
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New SEZ norms to focus on gems and jewellery
The government is likely to announce the new Special Economic Zone
(SEZ) rules, which will include some far reaching changes and exemptions.
"India might be looking at an export opportunity of upto $300
billion in the next 2-3 years in the gems and jewellery space and
we cannot let go of the opportunity. In the SEZ rules that are underway,
there may be an exemption of 100 per cent income tax in the first
five years, 50 per cent in the next five and if the profits are
being reinvested, then
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there could be a 50 per cent reduction in
the taxes being charged," said LB Singhal, director, Gems &
Jewellery Export Promotion Council, at a seminar organised by the
CII and the Delhi State Industrial Development corporation (DSIDC).
Five Aussie chain of stores to expand to India
Five Australian chain of stores are planning to set up shop here.
According to Indo-Australian Chamber of Commerce, the stores viz
David Jones, Target, Country Road, Lowes and Little Labels, would
be shortly opening up
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their trade offices in
India to source textile and garments. In the meanwhile he import of
gold from Australia had reached a new high with India importing gold
worth $10 billion. Gold occupied the top most position in India's
imports from Australia, pushing coal behind, which dominated the trade
for several decades. Non-monetary gold contributed around A$2.5 billion
or 43.9 per cent of the total exports from Australia. There are at
least 1.5 lakh Indians residing in Australia and major chunk of the
Indian population are students. |
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