Jindal to enter Indonesia

New Delhi, May 12: Jindal Stainless and Indonesian mining major Antam on Monday, signed an agreement to jointly develop a nickel smelting and stainless steel plant with an investment of about $700 million in South East Sulwasi (Indonesia).

"Indonesia’s Antam will have 55 per cent interest in the project and Jindal will own 45 per cent share and the total investment is at about $700 million, which will be funded with an optimum mix of 70:30 per cent debt-equity ratio," said Jindal Stainless Director Mr N C Mathur.

Of the total equity component, Jindal Stainless would pump in $90 million while $120 million would be provided by Antam.

He said, setting up of the plant would be a "win-win situation" as it is the first of its kind to be set up in Indonesia and would be located near nickel mines and a port.

Construction of the project would begin early 2009 and is expected to be commissioned by middle of 2011.

Mr N C Mathur said, the joint venture facility in Indonesia would have an initial capacity of around 20,000 tons per annum of contained nickel and around 250,000 tpa for stainless steel. (PTI)

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Internet telephony to slash STD rates

By OUR CORRESPONDENT

New Delhi, May 12: Domestic telephone tariff could come down drastically as Trai came out with a consultation paper to allow STD and local calls through Internet on Monday.

Presently, subscribers can only make ISD calls through Internet telephony.

Calling near and dear abroad through Internet has been very popular in India as it costs just Re 1 per minute against Rs 5 through a telephone.

A Trai official said that if Internet is used to make domestic calls, it will surely bring down the tariff.

However, Internet Service Providers Association president, Mr Rajesh Chharia, said, "If the government does not levy any additional license fee, ISPs can provide STD calls at 50 paise per minute local calls at 15 paise and 20 paise per minute."

Mobile operators charge Rs 1.30 per minute for an STD call and Re 1 per minute for a local call.

"If the government impo-ses license fee, we will have to pass on the additional burden to consumer, which will defeat the very purpose of this consultation process," he said.

Trai said the rising popularity of Internet telephony and enhanced network capabilities are posing regulatory challenges.