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Sunday, December 11, 2011

SAIL asks Rs 45K cr interest-free loans to develop Hajigak mines

Priyadarshi Siddhanta

Posted: Mon Dec 12 2011, 00:08 hrs
New Delhi:

A consortium led by state-owned steel giant SAIL has suddenly turned around and demanded that the government provide interest-free loans to the tune of Rs 45,000 crore to develop the prized Hajigak mines in Afghanistan and build a steel plant. The Afghan government had recently awarded the seven member consortium B, C and D blocks of the Hajigak mines in the Bamiyan province, located about 130 km west of Kabul. The three blocks together have reserves of 1.28 billion tonne.

Winning the bid has enabled the consortium called AFISCO (Afghan Iron & Steel Consortium) to commence formal negotiations with the Hamid Karzai government following which it would be granted licence for mineral concessions for Hajigak. The syndicate has also offered to set up a 6 MT steel plant adjacent to the mines and build the entire evacuation infrastructure and a 200 km of railroad network till the Iranian border city of Zahedan.

Indian Express

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