BUSINESS

Jindal, Essar sign MoUs for steel plants

The sites are Singhbhum, Bastar districts

RANCHIRAIPUR: Jindal Steel and Power Limited has proposed to set up an integrated steel plant of five million tonnes with an investment of Rs. 11,500 crore in Jharkhand.

A memorandum of understanding between Jindal and the State Government was signed on Tuesday in the presence of the group's Vice-Chairman and Lok Sabha member Naveen Jindal and Chief Minister Arjun Munda.

The proposed plant would provide direct employment of 4,500-5,500 people and would create about 30,000 ancillary jobs.

Mr. Jindal said the group had identified Chandil in Singhbhum district as the proposed site and the estimated requirement of land was about 3,000 acres, excluding township.

Essar to float new firm

RANCHIRAIPUR: The Essar group will invest Rs. 7,000 crore to set up a mega steel plant in the Bastar region of Chhattisgarh.

"The works for the 3.2 million tonne-capacity integrated steel plant would be started within three months after the acquisition of land in Bastar district,'' the Essar group director, Prashant Ruia, told reporters here on Tuesday after signing an MoU with the State Government to this effect.

For the purpose of setting up the plant, Essar had created a subsidiary, Essar Steel Chhattisgarh Limited (ESCL), with J. Mehra as its first director, MR. Ruia said, adding that the company would invest Rs. 6,000 crore for the plant and Rs. 1,000 crore for developing and opening iron ore and coal mines for the project.

Mr. Mehra and the Chhattisgarh Principal Secretary, Mines and Industry, Shivraj Singh, signed the MoU in the presence of Chief Minister Raman Singh. — PTI

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