Friday, December 10,
India’s top iron ore miner NMDC and Russia’s largest steelmaker Severstal will jointly set up a 5-million-tonne steel plant in southern Karnataka state, said an NMDC spokesman.
Severstal will invest $1 billion initially, which would be the first Russian investment into India’s steel sector as well as the largest Russian investment in a non-defence sector.
The NMDC spokesman did not confirm the size of the proposed investment.
A Press Trust of India (PTI) report published in the Mint newspaper said the two firms would sign the joint-venture pact on on Friday. “The proposed plant will be set up in Karnataka. We expect to commission 2-million-tonnes-per-annum plant in the first phase and ramp up capacity to 5 million tonnes later,” the PTI report quoted NMDC Chairman Rana Som as saying.
The companies would hold equal stake in the venture, the report added.
Source: Reuters
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