NMDC, the country's largest iron ore producer, and Russian steel maker OJSC Severstal will jointly invest Rs 9,000 crore to set up a five-million-tonne steel plant in Bellary, Karnataka. The plant will have an initial capacity of 2 million tonnes per annum expandable to 5 mtpa. Construction of the plant, to be spread over 2,800 acres, would start in 2012 and is to be completed within 36 months. Severstal will share its latest technology for the proposed plant, which will focus on producing superior grade steel used in sectors such as automobiles.
Severstal, which is among the world's top 10 steel makers, operates steel plants in Russia, the US and Europe. The two had signed a MoU last December for a 50:50 joint-venture. The joint venture would have its captive coking coal mining subsidiary in Russia and iron-ore mining subsidiary in India to ensure long-term supply of these raw materials.
The company has also finalized a Rs 3,000-crore slurry pipeline project for evacuating ore from its Bailadila mines in Chhattisgarh to Visakhapatnam in Andhra Pradesh. In the first phase, the company would lay a 150-km pipeline from Bailadila to Jagdalpur in 18 months at an investment of Rs 1,000 crore. The second phase would see laying of pipeline from Jagdalpur to Visakhapatnam at an investment of Rs 2,000 crore. Apart from the pipeline, NMDC has entered into a memorandum of understanding with Indian Railways for laying of an additional railway line between Bailadila and Jagdalpur. NMDC has agreed to bear the entire cost of the line, estimated to be Rs 850 crore.
The Bailadila mines account for nearly 70 per cent of NMDC’s iron ore production, which stood at 23.8 mt in 2009-10. Besides, NMDC is setting up a Rs 15,525-crore, 3-mtpa steel plant, a Rs 1000-crore pelletisation plant and a Rs 600-crore beneficiation plant at Nagarnur near Jagdalpur.
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| Company Name | CMP |
|---|---|
| Coal India | 486.05 |
| NMDC | 258.10 |
| GMDC | 391.10 |
| Sandur Manganese | 530.10 |
| MOIL | 490.15 |
| View more.. | |
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