Tatas might control Jamshedpur again

Last week in a nutshell

🏭 Tatas may get admin control of Jamshedpur again

💰 Adobe, Figma Scrap $20 Billion Acquisition

❌ RBI bars lenders from investing in AIFs linked to borrowing companies

🏠 Rising interest rates might shake the housing market in 2024, improving affordability.

🗽 US court disqualifies Donald Trump from 2024 US presidency.

The big story: Tatas might control Jamshedpur again

The Tata Group is set to regain administrative control of Jamshedpur, India's first planned city, established by the group's founder Jamsetji Tata. This development comes as the Jharkhand government recently approved the transformation of Jamshedpur into an industrial township under special provisions of the Indian Constitution. The decision clears a decades-old legal ambiguity surrounding the governance of the city, where India's first steel mill stands.

The Tata Group is in advanced talks with the central government for the final approval of this change. A crucial public interest litigation (PIL) in the Supreme Court, which has been a hurdle until now, is expected to be resolved by January. The proposal involves nominating a municipal council comprising representatives from Tata Steel, government nominees, and local people.

This move, however, has met with mixed reactions. While the Tata Group has been providing local civic amenities for over a century, some local residents prefer an elected body, such as a municipal corporation, to oversee local governance. They express concerns about uneven access to areas not governed by Tata Steel and the lack of electoral control over the municipal body.

At present, Tata Steel offers civic amenities to Jamshedpur through its subsidiary, Tata Steel Utilities and Infrastructure Services Ltd. The approval from the Jharkhand government marks a significant step in addressing the longstanding legal and administrative issues related to the governance of Jamshedpur.

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