Lanjigarh SPV floated

Tathya.in, July 24, 2009
Bhubaneswar:24/July/2009

A Special Purpose Vehicle (SPV) is being set up for the welfare and development of the people of Lanjigarh area in kalahandi district.

The move is made by the Department of Steel & Mines to set up the Lanjigarh Project Area Development Foundation (LPADF) in line with the judgment of the Supreme Court.

Naveen Patnaik, the Chief Minister has green signaled for the SPV to get registered as a non-profit making organization.

The LPDAF will be registered under section of 25 of The Companies Act-1956 as a non-profit making company.

Supreme Court in its judgment on 23 November, 2007 and on 8 August, 2008, has asked the State Government to float the SPV with entire funding from the Sterlite Industries India Limited (SIIL).

The LPDAF will be headed by the Revenue Divisional Commissioner (South) Satyabrat Sahu.

There will be 9 Directors in the SPV out of which 5 from the Government of Orissa (GOO) and Orissa Mining Corporation (OMC), rest 5 from SIIL.

While Collectors of Kalahandi and Rayagada will be Directors, Conservator of Forests based at Bhawanipatna will hold office in the Foundation.

The General Manager of Orissa Mining Corporation (OMC) will be one of its Director, said sources.

From SIIL side, the Chief Executive Officer, Vice President (Mines), General Manager (HR) and Chief Financial Officer of the Lanjigarh Project will be taken in the Board.

The Foundation will engage in activities for welfare and development of the people of the area within a radius of 50 kilometer of Lanjigrah Project.

People belonging to poor and weaker section in general and tribals in particular will be taken care of by the SPV, said sources.

GOO, OMC and SIIL jointly will make all out efforts for development of health, education, irrigation, connectivity, child care, child & women development, agriculture, farming and self help group development etc.