Monnet Ispat and Energy is likely to scrap its plan of 1.5 million tonnes plant in Jharkhand, following the Posco and ArcelorMittal’s move of pulling out of $18 billion projects. It is withdrawing this plan for want of raw material, water and land - the same reasons cited by both ArcelorMittal and Posco as well.
The company had signed a MoU with Jharkhand government in 2003 to set up a DRI-based 1.5 mtpa steel plant at Hazaribagh with Rs 1,400 crore investment on 500 acres of land. It has also faced problems with land acquisition issues. Following signing of the MoU, the Jharkhand government had created a nodal agency (Jharkhand Infrastructure Development Corporation) JIDCO to acquire the land for the project. However, after three years, JIDCO was dissolved and Monnet was advised to go for purchase of land directly
.
| Company Name | CMP |
|---|---|
| Tata Steel | 212.05 |
| JSW Steel | 1239.90 |
| SAIL | 173.50 |
| Jindal Stainless | 787.90 |
| APL Apollo Tubes | 2105.45 |
| View more.. | |
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: