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Letters: Give up the DMO
In the press conference that he addressed after the release of the third-quarter review of monetary policy, the RBI governor articulated in a clear manner the rationale for his proposals (“An expansionary policy is like chakravyuh”, January 30). However, one statement that he made is disturbing. He said: “We are going to manage the liquidity situation; we are going to calibrate our monetary policy to manage the borrowing in 2010-11.” It means the subordination of monetary policy to the management of public debt. The proposal for a debt management office (DMO) in the government delinking it from RBI is being actively pursued on grounds of the so-called conflict of interest that the latter faces. Now that it is resolved in favour of debt management, there is one more reason as to why the proposal for the new office should be given up.

'Our balance sheet is still bigger'
Business Standard / Mumbai October 31, 2009, 0:51 IST

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IDCOL seeks new mines for Kalinga Iron Works

The state owned Industrial Development Corporation of Orissa Limited (IDCOL) has sought allotment of new mines to meet the blast furnace (BF) grade ore requirement of Idcol Kalinga Iron Works Limited (IKIWL) located at Barbil. - Reforms help 21 PSEs make profits - IDCOL moves HC for cancellation of SPA with Varsa Fabrics - Expansion of Toshali Cement hinges on mining lease renewal - Corus to restart another UK unit on rise in demand - RINL set to acquire majority stake in five ailing PSUs - Rashtriya Ispat to get control of Bird Group It has applied the steel and mines department for allotment of BF grade iron ore mines, preferably in Barbil area, to save the cost of transportation, sources said. Though the unit was allotted an iron ore bearing patch in Roida ‘C’ mines, mostly sponge iron grade ore was available there with a part of it being manganese. With per month raising being 25,000 tonne to 30,000 tonne, the reserve is almost exhausted. Sources said, the company is meeting its present need of BF grade iron ore from supplies by Orissa Mineral Development Corporation (OMDC) and Sesa Goa among others. But there being scarcity of BF grade iron ore in the market, the company often faces problems in getting regular supplies. “For optimum utilisation of capacity of IKIWL, we have applied the government for allotment of new iron ore mines having BF grade ore”, a senior IDCOL official told Business Standard. About 7,000 to 7,500 tonnes of pig iron is being produced from the unit with 2 out of its 3 furnaces being operational at present. The pig iron is being used to make 1000 tonne of cast iron pipe per month. If sufficient BF grade iron ore is made available, then all the three furnaces can be made operation to produce 12,000 tonne of pig iron per month. IDCOL reasons that the profitability and growth of IKIWL will very much depend on the availability of BF grade ore, where reducibility is more. If alumina content in the ore is high, then flux will be required to separate ore from alumina, which may raise the cost of production. According to sources, the unit has an installed capacity of about 1.7 lakh tonne per annum and the work culture prevailing there is comparable to the private sector. So the allotment of mines will help it to attain optimum capacity utilisation. IKIWL recorded a turnover of Rs 230 crore in 2008-09, which constituted a major portion of the IDCOL group turnover of Rs 502 crore. Similarly, the group profit stood at Rs 64 crore during last fiscal.


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