Thursday, 03 Feb 2011
BL reported that iron ore mining firm Mineral Enterprises Ltd plans to set up one steel plant each in Chitradurga and Hassan district.
Mr Basant Poddar MD of MEL told the press last week that the company has already started the land acquisition process, which is to be completed within six months.
Mr Poddar said that the company needs at least 150 acres in Chitradurga and about 400 acres in Hassan for the steel plant.
He said that while the company would spend around INR 200 crore in Chitradurga, INR 1,000 crore would be spent to set up the plant in Hassan.
Mr Poddar said that “We hope to complete both the projects within two years after the land acquisition.”
Mr Poddar said the steel plants would use high grade iron ore to manufacture iron while the low grade ore would be exported, if the state government were to lift the ban on export.(Sourced:BL)