BUSINESS

Tata Steel signs MoU with Chhattisgarh on new plant

RAIPUR: Tata Steel on Saturday signed a Memorandum of Understanding (MoU) with the Chhattisgarh Government for setting up a five million tonnes greenfield integrated steel plant in the Bastar region of the State.

The MoU was signed by Shivraj Singh, Principal Secretary (Industries and Mineral Resources Department), on behalf of the State Government and by B. Muthuraman, Managing Director, Tata Steel, in the presence of the Chief Minister, Raman Singh.

According to the MoU, the first phase of the steel plant with two million tonnes annually is likely to be set up within 48 to 60 months from the date of obtaining all statutory clearances.

The project also includes development of captive iron ore mines. The project is expected to generate employment potential, both direct and indirect, according to a company release.

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