Friday, Feb 04, 2005
Friday, Feb 04, 2005 |
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This Day That Age
An agreement between India and Russia was signed on February 2 for the setting up of a modern, integrated iron and steel plant with an initial capacity of one million tons of ingots to be rolled into about 750,000 tons of rolled products. The plant, to be located in the Bhilai region of Madhya Pradesh, will be designed for eventual expansion to a capacity of one million tons of rolled products. The agreement is the first of its kind between India and the USSR and the biggest trade deal negotiated so far between the two countries. This is also the first major technical and economic aid for industrialisation that the Soviet Union is extending to a non-Communist country. The cost of the plant, machinery and equipment supplied by Russia is estimated at Rs. 43.4 crores, transport charges from the Russian ports being extra.
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