Thursday, 27 Jan 2011
India plans to invest USD 3 billion to build a steel plant in Indonesia and buy coal from the Southeast Asian nation as part of an initial accord.
Mr PK Misra steel secretary said that International Coal Ventures Ltd will sign an agreement for the plant, which will start with a capacity of 3 million tones.
Mr Misra said that the proposed plant, to be located in East Kalimantan, may have a final capacity of 7 million tonne without giving a timeframe.
He said that Indonesia will supply coal to the plant and to the power producers in the group.
(Sourced from Bloomberg)
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