Jharkhand renews Tata Steel's land lease deal

The Jharkhand government has renewed the Jamshedpur land lease agreement with Tata Steel for 30 years.

A release issued by Tata Steel today said: "The state government has renewed the Jamshedpur land lease agreement for a period of 30 years with effect from January 1, 1996 on the same terms and conditions contained in the earlier lease document."

The agreement was signed today by P P Sharma, chief secretary of Jharkhand and B Muthuraman, MD of Tata Steel.

The company has also signed a memorandum of understanding with the Jharkhand government to launch a health insurance scheme for state citizens living below the poverty line.

The scheme will be effective for a period of 30 years, and the company's annual contribution will be Rs 25 crore during the duration of the scheme, the release added.

Ratan Tata, chairman of Tata Sons, today promised to work towards providing job opportunities to the people of Jharkhand shortly after the state government renewed a land lease agreement relating to the group's Jamshedpur steel plant.

"With the uncertainty of lease renewal behind us, I commit Tata Steel will work with you (government) for another 100 years or more to fulfil your wishes to raise the quality of life of the people of Jharkhand," he said.

Asked whether he would embark upon another Jamshedpur in Jharkhand, Tata said it took 100 years to build Jamshedpur and emphasised on re-establishment of the partnership.

In another significant agreement, Tata Steel agreed to support the state government's Rs 300 crore proposal to build infrastructure for the 2007 national games to the extent of Rs 150 crore.