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Odisha to transfer 2,000 acres of land to POSCO soon
4th largest US bank Wells Fargo to move jobs to India soon
FIPB to take up 42 FDI requests on June 29
NEW DELHI: The Odisha government will soon transfer about 2,000 acres of land to South Korean steel major POSCO to begin work on its USD 12-billion project near Paradip in Orissa, stuck for seven years now.
"We have acquired 2,000 acres of land for POSCO. We have begun the process of land transfer which will be completed as soon as possible," Odisha Mines Minister Raghunath Mohanty told PTI.
"Of the total 2,000 acres acquired by Industrial Infrastructure Development Corporation (IIDCO), 500 acres have already been transferred to the steel major and the remaining will be done at the earliest," he said.
Mohanty said that the steel company now needs 2,700 acres of land to commence work on initial 8 MTPA plant and the state government would take all possible measures to acquire and transfer remaining 700 acres of land as well.
As per the revised strategy to set up initial 8-MTPA plant, expandable up to 12 MTPA, the Korean major requires 2,700 acres of land. It, last month, had said that it will begin work on the project by October.
For 12 MTPA project, it requires 4,004 acres of land. Its India CMD Y W Yoon had called on Orissa Chief Minister Naveen Patnaik last month.
4th largest US bank Wells Fargo to move jobs to India soon
MUMBAI: Even though the US is in the election mode and is under the anti-outsourcing Obama administration, the fourth largest lender there by assets, Wells Fargo has decided to move an unspecified number of jobs to India, as part of its plan to trim cost.
"As part of our efforts to increase efficiency, we are thoughtfully pursuing a strategy for where we grow and where we shift resources over the long-term.
"Businesses and functional areas are investigating what markets are most economically attractive, with access to the best talent, both internationally (including India and the Philippines) and domestically," Wells Fargo & Company spokeswoman Bridget Braxton told PTI from San Francisco, California.
While refusing to reveal the number of jobs that would be moved to India and the Philippines, she, however, said, "The areas of business that would be impacted include the retirement, technology and other business lines."
Already, the lender employs 3,000 people in the country at its Hyderabad and Bangalore offices, while it has 240 in the Philippines, according to the bank.
FIPB to take up 42 FDI requests on June 29
NEW DELHI, JUNE 24:The Finance Ministry is scheduled to consider this week 42 foreign direct investment proposals, including that of Fabindia Overseas, Bajaj Finserv and Tara Aerospace Systems.
The Foreign Investment Promotion Board (FIPB) headed by Secretary of Economic Affairs Department will meet on June 29, the Ministry said.
The proposals of Zen Technologies (Defence production), Triton Hotels and Resorts (tourism), Bhilwara Energy (power) and Paragon Asset Reconstruction (financial services) are are also on the agenda of FIPB.
As per the agenda, maximum applications are related with health and family welfare followed by financial services.
There are three proposals for foreign investments in the telecommunications sector.
Of the total, 22 applications are fresh and 14 are those on which decisions were deferred in the previous FIPB meetings.
Standard and Poors and Fitch lowering Indias credit outlook to negative from stable notwithstanding, Swedish retailer IKEA last week approached the government for permission to invest Rs 10,500 crore (1.5 billion) in the single brand retail sector.
FDI inflows into the country in 2011-12 were $36.50 billion.
India allows FDI in most of the sectors through automatic route, barring certain sensitive segments such as telecom and defence.
