Arab Today, arab today rio tinto plans 2 billion indian investment
Last Updated : GMT 21:08:55
Arab Today, arab today
Arab Today, arab today

Rio Tinto plans $2 billion Indian investment

Arab Today, arab today

Arab Today, arab today Rio Tinto plans $2 billion Indian investment

New Delhi - AFP

Mining giant Rio Tinto said Monday it plans to invest $2 billion in an iron ore project in eastern India in what it said would be Australia\'s \"largest investment\" in the South Asian nation. Sam Walsh, chief of the Australia-based company\'s global iron ore operations, said the project in the mineral-rich eastern state of Orissa would supply clients in India and abroad. \"This would be Australia\'s largest investment in India,\" Walsh told reporters after a meeting of Australian and Indian business leaders in New Delhi advising on ways to clinch a free trade deal between the two countries. Walsh said he was unfazed by huge difficulties encountered by other metals companies in getting approval for projects in India that have rattled foreign investors eyeing the country. \"I am a very patient man,\" said Walsh. \"We will go through all the (legal) processes. We are already working with the local community.\" South Korean steel giant POSCO\'s plans, announced in 2005, to build a plant in Orissa, have yet to be implemented in the face of wide opposition from locals campaigning to save farmland and forests. Steelmaker ArcelorMittal, controlled by Indian billionaire Lakshmi Mittal, has also been unable to acquire land for a proposed plant. Industrialisation has been championed by India\'s government as a way to drive growth and pull millions out of poverty. But industrial projects have often created battlegrounds between local groups and companies. \"We would bring our environment and safety systems and obviously we would use local people,\" Walsh said. Walsh downplayed investor worries that Rio Tinto could face a global market iron ore glut with the economies of emerging market giants China and India -- both large minerals consumers -- slowing. \"Our low-cost operations combined with our proximate distance from China and the Asian market gives us a significant advantage,\" he said. Australian trucking billionaire Lindsay Fox, who was at the same news conference, said the advantages of liberalising trade between India and Australia were \"obvious\". \"We have got tremendous opportunities together,\" he said. \"But like the courtship of a man and woman -- we have to get know one another before going the journey of life,\" Fox said. India and Australia launched talks last year on a free trade deal that would broaden the base of merchandise trade and remove barriers to services trade. Bilateral trade between the two countries has been growing by 20 percent a year for the past five years to Aus$23 billion ($24.6 billion), an Australian government statement said. The two countries aim to double trade to Aus$40 billion in the coming five years.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today rio tinto plans 2 billion indian investment Arab Today, arab today rio tinto plans 2 billion indian investment

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday