“Rio
Tinto plans to invest $2 billion in an Iron ore project in Odisha to supply
Indian and overseas clients,” Sam Walsh, head of the miner's Australia-based
iron ore division, told reporters.
“It is a $2 billion project. We expect to ramp up quickly to
15 million tonnes per year,” said Walsh, adding that the investment will
be Australia's largest so far in India.
The growing demand of Iron ore is being hit due to environmental
factors and opposition from displaced locals and time taking approvals have
made Indian companies difficult to expand.
“We will bring the technology and environment safety system
and we will obviously be using the local people in the project,” said
Walsh, when asked, if he was confident of the project considering the various
regulatory issues in the sector in India.
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