ET reported that South Korean steel major POSCO has roped in two local firms for its proposed INR 32,366 crore, 6 million tonne per annum facility in Karnataka mainly to ensure speedy clearances and uninterrupted iron ore supply.
A source close to the development told media that it has already inked a pact with Bangalore based Hothur Group and Goa based Salgaonkar Mines, both of which have iron ore mines in Karnataka and offered them 49% equity in equal proportion, while retaining the majority with itself.
The source said the agreement was inked close to three months back and the joint venture has already submitted its requests for land acquisition, mining leases and water supply with the state government.
The source said that the consortium has already paid a sizeable amount to the state government for acquiring 3,000 acres of land for the project at Halligudi area in Gadag district of the state.
By tying up with Hothur Group and Salgaonkar Mines in the project, POSCO would have less headache in getting clearances apart from ensuring the plant uninterrupted supply of iron ore.
A source close to the development told media that it has already inked a pact with Bangalore based Hothur Group and Goa based Salgaonkar Mines, both of which have iron ore mines in Karnataka and offered them 49% equity in equal proportion, while retaining the majority with itself.
The source said the agreement was inked close to three months back and the joint venture has already submitted its requests for land acquisition, mining leases and water supply with the state government.
The source said that the consortium has already paid a sizeable amount to the state government for acquiring 3,000 acres of land for the project at Halligudi area in Gadag district of the state.
By tying up with Hothur Group and Salgaonkar Mines in the project, POSCO would have less headache in getting clearances apart from ensuring the plant uninterrupted supply of iron ore.
(sourced from ET)
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