AUGUST 20239TOP STORIESPOWER MECH PROJECTS BAGS 30,438 CR MINE DEVELOPMENT & OPERATION PROJECT FROM SAILFOXCONN UNIT TO SIGN $194 MILLION COMPONENTS PLANT DEAL WITH INDIA'S TAMIL NADU-SOURCEState-owned steel producer SAIL has awarded Power Mech Projects a mine development and operation (MDO) project worth Rs 30,438 crore. According to a regulatory filing, "Tasra opencast project, located at Jharia Coal fields in Dhanbad district of Jharkhand, is being developed and operated by a consortium of Power Mech Projects Ltd (PMPL) and PC Patel Infra Pvt Ltd."With a 74% ownership investment, PMPL leads the consortium, followed by PC Patel Infra with a 26% stake. The contract has a 28-year term, including a 2-year development phase. The building of mine infrastructure, removal of overburden, extraction of coking coal, crushing, transportation, and establishment of a 3.5 million-ton coal washery will be the main components of the MDO contract.Additionally, in accordance with the project document, it will provide steel quality coking coal to SAIL and conduct other mining-related activities. The project has 96.78 million tonnes (MT) of total coal extraction reserves, 4 MTPA of annual capacity, and 535.29 MBCM of load removal.Sajja Kishore Babu, Chairman and Managing Director of Power Mech Projects, stated that the project "will further strengthen our robust order book and enable the company to diversify its order book which is in line with its strategy to have an optimal mix between power and non-power segments." The mine is a ready-to-mine project with all necessary legislative approvals in place. Foxconn subsidiary will sign a contract with Tamil Nadu state in India to develop a new electronic component manufacturing facility that will add 6,000 new employment. According to the source, who was not entitled to publicly discuss the topic, Foxconn Industrial Internet (FII), the subsidiary, aims to invest 16 billion Indian rupees ($194.45 million) to develop a campus in the Kancheepuram neighbourhood, close to the state capital of Chennai.The plant will be distinct from the current huge campus near Chennai where Foxconn now employs more than 35,000 people and where Apple's iPhones are assembled, the person claimed. A request for comment from Foxconn did not receive a prompt response. On Monday morning, the state administration announced on LinkedIn that a "big announcement" was anticipated for the day, which would mean Tamil Nadu would maintain its "top position as India's Electronics Powerhouse." The state government did not immediately respond to a request for comment.The Foxconn subsidiary was negotiating the investment with Tamil Nadu with the goal of finishing the factory in 2024. The FII division of Foxconn manufactures industrial robots, electronic devices, and cloud service hardware. It wasn't immediately apparent whether the new plant in India would produce parts for iPhones, for other businesses, or for both.
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