Monday, 30 May 2011
Deccan Herald reported that National Mineral Development Corporation Limited and Russian steel maker OJSC Severstal have started techno economic and marketing study for the proposed steel plant at Bellary in Karnataka.
Mr Rana Som chairman of NMDC told Deccan Herald that the public sector firm has entrusted MECON to conduct techno economic feasibility study of the project while Severstal has assigned Hutch to conduct marketing study of the products.
Mr Som said that NMDC and OJSC Severstal had floated a 50:50 JV company to set up a 5 million tonnes steel plant in Karnataka. The company had already given INR 55 crore to the Karnataka government for land acquisition which is to be complete by end of 2011.
Both firms would invest a total of INR 9,000 crore in the plant and it will have an initial capacity of 2 million tonne per annum expandable to 5 million tonne per annum.
Mr Som said that the JV would have its captive coking coal mining subsidiary in Russia and iron ore mining subsidiary in India to ensure long term supply of these critical raw materials.
He added that Severstal will share its latest technology for the proposed plant that would focus on producing superior grade steel used in sectors such as automobiles.
(sourced deccanherald)
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