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Mittal Steel to sign MoU with Jharkhand
Special Correspondent
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$10 b investment envisaged
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KOLKATA:
Global steel industry leader, Mittal Steel Company, will sign the much-awaited memorandum of understanding with the Jharkhand government on Saturday. Talking to The Hindu, Sudhir Maheshwari, Executive Vice President, Finance, Mittal Steel, said the Jharkhand project would mark the group's entry into the Indian steel sector. The London-based steel major has stated its preference for the Chiria mines for its iron ore supplies. It had earlier dropped the export clause on iron ore.
As per current plans, the 12 million tonne project would be split in phases getting completed in ten years. An investment of $10 billion is slated which includes finishing mills, mine development and a 1,000 MW power plant.
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