Scoundrel Corporate Want Narendra Modi As Prime Minister – Exclusive

Scoundrel Corporate Want Narendra Modi As Prime Minister – Exclusive © 
 
Honorable Members of Parliament, 
 
I was shocked to find yesterday Essar Steel had commissioned Rs.37,500 crore Flat Products Steel Plant but soon Firstly found out in 2008 Annual Report it was 93% owned by Cayman Island company. Secondly this Indian Funded project would not contribute much to taxes in India, thirdly it would cause all the pollution in high population density Surat district and fourthly displace existing facilities in other states due to excess capacity. 
 
Ø      With Rs.37,500 Crores India could have promoted 10,000 Agro Industries – 20 in each district adding atleast 10% GDP and to benefit 5 crore farmers directly and indirectly compared to NEGATIVE contribution – reducing net employment and increasing cost compared to existing units.  
 
My NRI returned friend invested in Essar Steel subscribing to IPO – purchased 10,000 shares for Rs.220 each when Ruias paid just Rs.10 for each share, for several years ES didn't register the share – finally when registered its value Rs.15-Rs.18 and he than sold it. Had he purchased some plot it would have been worth Rs.10 crores. 
 
Thus Essar Steel largely financially promoted by Indians and debt funded by Indian Bank and Indian money was owned by Ruias almost free is now owned and operated by Ruia company from Cayman Island. Essar Steel retained over subscription as permitted and invested Free Cash in its control to fund (Oil and Gas, Power, Infrastructure, Ports, Projects, Services, Shipping, BPO, Telecom, Realty, Information technology, Publishing, Agribusiness, Essar TV, Partner with Essar, Other businesses.)  
 
Ø      Ruias transferred ESSAR STEEL to Cayman Islands – foreign ownership is 93%. So entire group funded by Indian Equity and Indian Deposits is not registered in India and not contributing to Taxes in India. 
 
Ø      This alone is $30b to $50b Loss to India or transfer of $50b to CAYMAN Island. (Essar Hutch was worth $18.9b)
 
You wondered how Gujarat as claimed by Narendra Modi is growing fast but firstly not reflected in GDP figures and secondly Gujarati people continues to be Malnourished, Stunted and Under Weight. Essar Projects, RIL, Tata, Adani and others contribute nothing to Gujarat – subsidies are more than tax revenue when most are owned and operated from Tax Heavens. These Foreign Owned companies also claim Corporate Tax Concessions called Tax Forgone. 
 
http://pib.nic.in/newsite/erelease.aspx?relid=73098 
As per latest Monthly Per Capita Expenditure Gujarat Ranks 8th and 9th among major states. 
 
I quick succession we found just one family Essar was involved in Foreign Transactions and Illegal Subsidy to 
 
1. Sales tax subsidy of 125% of project cost i.e. Rs.9100 crores to Essar Refinery. 
 
2. $20b Essar Hutch sold out to Vodafone for $12b – India got nothing – even IT case was lost. 
 
3. Essar Steel too is Cayman Island Company 93% directly owned and controlled by Ruias. 
 
4. Tata, Ambanis, Mittals, Ruias, Agarwals etc operate foreign companies from Foreign Heavens with Indian Money. 
 
Similarly many more companies Funded By Indian Banks and Indian money are Registered in Foreign Companies contributing nothing to the states and center as Taxes and little by way of employment – but polluting our Environment. 
 
All these Scoundrel Corporate promote Narendra Modi as Prime Minister. 
 
Ravinder Singh
Progressindia008@yahoo.com 
January27, 2012 
 
Essar Steel 
 
http://www.essar.com/upload/pdf/ESTL_AR_08_09.pdf 
HOLDING COMPANY
Essar Steel Holdings Ltd (which in turn is a subsidiary of Essar Global Ltd, Cayman Islands – the ultimate holding Company) continues to be the Holding Company of your Company. The ultimate holding company viz. Essar Global Ltd, along with its other subsidiaries, now holds 93.21% equity shares in the
total paid up equity capital of the Company.
 
http://www.essar.com/article.aspx?cont_id=aWtuL7n6lSQ= 
Essar Projects completes world's fourth-largest single-location steel plant in Gujarat
 
The successful completion of Essar Steel's 5-MTPA steel plant establishes Essar Projects as a leading engineering, procurement and construction contractor for the steel industry.
 
January 21, 2012 
 
Essar Projects (EPIL) recently handed over the 5-MTPA integrated steel plant to Essar Steel – establishing itself as a leading engineering, procurement and construction (EPC) contractor for the steel industry.
 
The completion of this project makes the Hazira Steel Complex the largest single-location flat steel producer in India and the fourth-largest single-location flat steel producer globally. The complex, with an annual capacity of 10 MTPA, has been completed at a total cost of Rs 37,500 crore.
 
In a ceremony held at Hazira, A V Amarnath, CEO, Minerals & Metals SBU, Essar Projects, handed over the completed project by presenting a symbolic key to Rajiv Bhatnagar, COO, Essar Steel, and P Alagurajan, Chief – Projects, Essar Steel, in the presence of Alwyn Bowden, President and CEO, Essar Projects and Dilip Oommen, CEO, Essar Steel. 
 
Essar Steel also organized a media briefing, which was addressed by Mr Bowden and Mr Oommen. A presentation on the expansion projects and the capabilities of EPIL was also made by Mr Amarnath. Media from Ahmedabad and Surat were present during the hand-over ceremony, who later also visited the steel plant. 
 
Commenting on the completion of the project, Mr Bowden said, "This project has reinforced the competence of Essar Projects as the premier EPC contactor with great project management skills backed with necessary resources and construction capabilities that gives us further confidence to take up mega projects anywhere in the world."
 
With this expansion project, Essar Projects has now an established track record in setting up large integrated steel plants from raw material processing to setting up downstream steel processing facilities like plate and pipe mills. Also to its credit is the world's largest gas-based sponge iron plant with a capacity of 6.8 MTPA, set up by EPIL as part of the steel complex.
 
On completion of the steel complex, Mr Oommen said, "We congratulate Essar Projects for this stupendous achievement. EPIL has built these state-of-the-art facilities within the stipulated time. It is heartening to note that all the facilities are functioning efficiently without any problem. This gives us a clear advantage in bringing down our costs and offers us operational flexibility in terms of usage of raw materials and product mix. While completing this project, we have ensured that the safety and environmental aspects are given due importance in the design, construction and operations of the plant."
 
With the execution of this mega project, EPIL has demonstrated its capability in implementing such large complex projects to the highest global quality standards. This is among the biggest steel plants built in India in recent times and reflect the company's capability in building world-class infrastructure in India.
 
http://pib.nic.in/newsite/erelease.aspx?relid=73098
Monthly Per Capita Expenditure & Food Expenditure of States 
Figures in Rs. – Figures in Red are above Gujarat 

States

MPCE Rural

Food

MPCE Urban

Food

(1)

(2)

(3)

(5)

(6)

Bihar

780

505

1238

655

Chhattisgarh

784

456

1647

720

Orissa

818

507

1548

749

Jharkhand

825

503

1584

816

UP

899

521

1574

728

MP

903

504

1666

694

West Bengal

952

604

1965

907

Assam

1003

646

1755

929

Karnataka

1020

577

2053

869

All-India

1054

600

1984

881

Gujarat

1110

640

1909

882

Maharashtra

1153

623

2437

999

Tamil Nadu

1160

635

1948

876

Rajasthan

1179

647

1663

798

AP

1234

717

2238

1002

Haryana

1510

815

2321

1001

Punjab

1649

795

2109

933

Kerala

1835

843

2413

970