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Karnataka
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Bangalore
New steel plant at Ginigera
Staff Reporter
Bangalore: XINDIA Steels Ltd. on Wednesday announced the launch of its pellet and steel plant in Ginigera village in Koppal district. The company is a joint venture by Xingxing Group of Companies, China National Metals Products, which is a part of China Minmetals Corporation, and Indian partners, Manasara Investments, Kelachandra Group and Sigma Minmet Ltd.
Speaking to presspersons here, Gopi Ramanathan, Director, XINDIA Steel Ltd., said that the new manufacturing facility will use Xingxing’s leading edge pelletisation and steel-making technology. The new facility would meet the growing demand of the steel industry.
“The goal is to first set up a state-of-the-art facility in the three areas of business in three distinctive phases — pelletisation plant, steel-making facilities and iron pipe-making facilities. The company believes in socio-economic development and has plans to assist in increasing the economic levels of Koppal,” he said.
Mr. Ramanathan also said that the buoyant Indian economy has presented investors with adequate resources and there are high returns for investment in the steel industry.
XINDIA Steel Ltd. is expected to provide employment opportunities to over 16,000 people, both directly and indirectly, over the first and second phases of the project. The project will also help in infrastructure and community growth.
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