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AP government cancels bauxite contract with Anrak Aluminium-The 17th China£¨Guangzhou£©Int¡¯l Sheetmetal machinery, Forging, Stamping and Setting Equipment Exhibition
12/24/2015 Sheetmetal and Setting Equipment expo |
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The Hindu Business Line reported that the Andhra Pradesh government has announced its decision to cancel the bauxite supply agreement with Anrak Aluminium Ltd, a joint venture of Ras-al-Khaimah government and Penna Group.
Announcing the decision, Chief Minister N Chandrababu Naidu, said, ¡°The deal is structured in a way that it will not benefit the tribals and is loaded in favour of the joint venture company.¡±
The agreement relates to fixing the sale price of bauxite and the percentage of equity to the AP Mineral Development Corporation.
It has provision for supply of 224 million tonnes of the mineral to the joint venture which was entered into during the former Chief Minister YS Rajasekhara Reddy¡¯s regime.
The previous government had earmarked 1,162 hectares in the Chintapalli reserve forest for the Anrak joint venture.
-The
17th China£¨Guangzhou£©Int¡¯l
Sheetmetal machinery, Forging, Stamping and Setting Equipment Exhibition
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