Ranchi, Aug. 9: Chief minister Madhu Koda today clarified that Triangular Trading Limited could not be given mining lease unless it spent at least 20 per cent of the total proposed investments in developing the infrastructure.

Triangular Trading Limited signed MoU couple of months ago, involving investments to the tune of Rs 300 crore. It intends to set up steel and aluminium plants and a 45MW captive power plant. Accordingly, it also demanded mining lease for iron ore (over 600 acres), bauxite (spread over 500 acres and a sizeable coal block.

Incidentally, Triangular Trading Limited neither has the expertise, nor previous experience in these fields. Railway minister Lalu Prasad’s son-in-law, Shailesh, reportedly happens to be a co-partner in this company.