Women
Partner Channels: Auctions | Auto | Bill Pay | Jobs | Lifestyle | TechJobs | Technology | Travel
March 8, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Chat | Contests | E-cards | Money | Movies | Romance | Search | Weather | Wedding Women Partner Channels: Auctions | Auto | Bill Pay | Jobs | Lifestyle | TechJobs | Technology | Travel |
||
|
|
||
|
Home >
Money > Business Headlines > Report March 8, 2001 |
Feedback
|
|
|
Concerned Ficci chief writes to JogiBS Corporate Bureau The Federation of Indian Chambers of Commerce & Industry (Ficci) has expressed concern over the strike at Balco's Korba plant and the damage it might do to the state's reputation among prospective investors. In a letter written to Chhatisgarh Chief Minister Ajit Jogi Wednesday, Ficci president Chirayu Amin said: "The string of incidents will put your new state into an industrial uncertainty, if not wilderness, right from the beginning," and appealed to him to step in and allow the plant to resume normal functioning immediately so that productive assets were not lost. Ficci identified Chhatisgarh as one of the prominent places for foreign investment in the mining and metals sectors during a dialogue with visiting industrialists and financiers from the United States. "To talk of foreign investment when executives are put under 'arrest' by recalcitrant labour and functioning plants closed down is a travesty of the entire effort," Amin said in his letter. Officials of the chamber are slated to meet a South African Cabinet minister on March 14 to talk about Chhatisgarh as an investment destination for large mineral and mining companies from that country. "Once again, you will appreciate our embarrassment in continuing to mention your state as an investment destination at this juncture," the letter says. Taking note of reports that the smelter and the pots at the Korba plant had been laid to rest, Amin said in his letter that unless these were re-ignited immediately and taken to a high temperature, they would get damaged beyond repair. If that happened, fresh investment of Rs 1 billion would be required to put up new facilities, and the whole process would translate into a loss for the company, he said. The letter also says that the steps taken by the Balco labour unions are suicidal and can turn the company sick. "This will certainly not promote Chhatisgarh as a potential destination for large investments, as your resource-rich state fully deserves," Amin's letter says. The letter says that Ficci has looked into the details of the Balco deal and, on the face of it, found that the entire exercise has been conducted in an open manner according to the norms of fair play.
Powered by ALSO READ:
|
||||
