Vietnam seeks $100 million from India for Tata Steel project
Resource from: Economic Times Likes:3032
Jul 30,2012
HANOI: In a bid to break a four-year deadlock involving Tata Steel's $ five billion project, Vietnam has soughtfinancial assistance of $ 100 million from India towards payment of land compensation cost.
"Government of Vietnam has requested Indian government to assist by giving $ 100 million for site clearance for the project," Vice Minister of Industry and Trade of Vietnam Le Xuan Quang said.
The project has been stalled after the provincial government estimated the acquisition cost at $ 200 million for around 4,000 acres of land, an amount Tata-Steel was not happy with and refused to pay.
This resulted in Indian business giant not receiving the investment license for its 4.5 million-tonne steel plant at Vung Ang Economic Zone in Ha Tinh province.
The issue has also been taken up by at the highest level by Prime Minister Manmohan Singh, External Affairs Minister S M Krishna and Former Finance Minister Pranab Mukherjee.
Sources close to the project said the land cost asked from Tata is very high as compared to what has been taken from Taiwan-based Formosa group to set up a steel plant in the same province.
When pointed out that Vietnamese government was paying part of the land compensation for the land given to Formosa group, Quang said the country has been affected by the global economic slowdown and it does not have money for site clearance for the Tata-Steel project.
"Vietnam has also been affected by global economic crisis and we do not have money for site clearance (for the Tata project). We have requested Tata to pay the money," he said.
"Our government is very active in addressing the pending issues between Tata and local authorities," Quang said but warned that further delay in finalising the land compensation may result in increase in land acquisition cost.
(Economic Times)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
