JSW Steel clarifies on Karnataka iron ore deals

The Company will suitably respond at appropriate time to the authorities concerned as may be required after examining the Karnataka Lokayukta report in detail, JSW Steel said in a statement.

Jul 29, 2011 06:07 IST India Infoline News Service

JSW Steel Ltd. clarified on Friday that all the transactions pertaining to the purchase of iron ore from Karnataka's Bellary district have been done in a legally compliant manner. 


The Company will suitably respond at appropriate time to the authorities concerned as may be required after examining the Karnataka Lokayukta report in detail, JSW Steel said in a statement.

The Mumbai-based steel major was reacting to media reports on Part II of the Karnataka Lokayukta report on the alleged illegal mining of iron ore and certain transactions linking the Company and it's group firms. 

JSW Steel has reportedly been accused of colluding with Karnataka Tourism Minister, G. Janardhan Reddy to buy illegal iron ore.

According to reports, the JSW Group has also been accused of paying money to the Yeddyurappa family for a land transaction in return for pushing the company's case with the Central Government for acquiring new licences.


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