Curb on SEZ tax sops

New Delhi, March 25: The finance ministry will not allow tax sops to companies importing or shifting second-hand machinery from outside the sezs. These tax concessions are allowed under the sez rules of the commerce ministry. But the North Block has specified that tax concessions under section 10aa of the income tax act would not be extended to any unit formed by transfer of old machinery.

Mittal plans

New Delhi, March 25: Arcelor Mittal chairman L.N. Mittal has said the company could build steel plants in both Orissa and Jharkhand. “The strategy for India is to start field projects,” Mittal said on the sidelines of an international steel meeting here.

China levy

Beijing, March 25: China’s plan to levy additional tax on coke exports will impact the Indian steel industry as the country is one of the major sources of the raw material.

Bhilai plant

Calcutta, March 25: The Indian Bureau of Mines has approved Bhilai Steel Plant’s (bsp) mining plans for Rowghat.

UBI branch

Ludhiana, March 25: The Union Bank of India (UBI) will open its first overseas branch at Shanghai in China next month. It also plans to open another branch in Doha.