Naveen Jindal-owned Jindal Steel, Bolivia, a subsidiary of Jindal Steel and Power, on Friday announced that it had got 3,000 acres additionally to flag off its $2.1-billion steel and power plant in Santa Cruz area of Bolivia.
This would trigger activity by the company to resume activities to develop the El Mutun iron ore deposit and steel plant project. In a statement issued here, Jindal Steel and Power said that Bolivian President Evo Morales had signed a law ceding land that Jindal Steel, Bolivia, required to develop 1.7 million tonnes steel plant, 6 million tonnes sponge iron plant and 10 million tonnes ore pellet plant. The investments in El Mutun had been on hold because of non-availability of land since the company signed a contract in 2007 to mine iron ore deposit and implement the steel project.
The Bolivian Government has provided 3,000 acres for the project in addition to around 1,000 acres provided earlier.
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A total of about 5,000 acres are required for the project and the company needs the remaining land for putting a power generation unit close to the steel plant.