KIOCLKudremukh Iron Ore Company Limited
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K Ranganath, chairman and managing director, KIOCL, said, The department of heavy industries, government of India, has approached us for acquisition of TSPL which has a liability of Rs 245 crore.
He said, acquisition of TSPL would be in favour of KIOCL as the company is looking for a presence in north Karnataka.
Presently, TSPL has 88 acres at Hospet, which can be gainfully utilised in case the mining lease for the Ramanadurga iron ore deposit is obtained by KIOCL, he said.
Ranganath said KIOCL was ready to pay wage arrears to the employees of TSPL from the day of the acquisition.
The KIOCL is incurring an expenditure of around Rs.
KIOCL had already signed a memorandum of understanding (MoU) with APMDC in 2013 for the proposed plant.