Chhattisgarh inks deal with 7 firms to set up steel plants
May 4, 2007 - 11:14:29 PM
Raipur, May 4 - The Chhattisgarh government Friday signed deals worth Rs.192 billion with seven business firms for setting up steel units and power plants.
Chief Minister Raman Singh, who attended signing of the the MoU here, said Chhattisgarh had emerged as a haunting ground for investors mainly for the steel and power sector players.
Jindal Steel and Power Ltd - signed memorandum of understanding - for bringing in Rs.80 billion for installing an integrated steel plant, captive power plant and an oxygen plant at Raigarh.
It has already a sponge iron unit, steel plant and a1,000 mw power plant under construction in Raigarh town.
Bhushan Steel and Power Ltd signed deal for investing Rs.55 billion for setting up a steel plant with a capacity to produce 1.2 million tonne steel per annum at Raigarh. It also proposes to set up a 300-mw power plant in the same place.
Monnet Ispat and Energy Ltd will pump in Rs.20.8 billion for expansion of its Raigarh-based steel plant, ferro alloys unit and coal beneficiation plant while a local steel firm Vandana Ispat Ltd will invest Rs.13.1 billion at its Raipur-based existing steel unit.
Topworth Steel Ltd will invest about Rs.12 billion for expansion of its unit at Borai in Durg district while MSP Steel and Power Ltd and Salasar Sponge and Power Ltd will pump in Rs.8.5 billion and Rs.2.3 billion respectively at Raigarh and Raipur.
The mineral-rich state has about 20 percent of India's iron ore reserves and 18 percent of the country's coal deposits.
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