Essar Steel plans to build steel plant in Bastar

Essar Steel plans to build steel plant in Bastar

Indian private steel company Essar Steel announced plans to build a 3.2 million-ton steel plant in Bastar district of India's Chhattisgarh state. The state government reportedly accepted the proposal and a memorandum of understanding between the state government and Essar Steel would be signed on July 5, 2005. Essar Steel plans to invest Rupees 50-80 billion ($1.14-1.8 million) in the planned steel plant. As previously reported by SteelOrbis, a similar agreement was signed between the Chhattisgarh state government and Tata Iron and Steel Corp (TISCO) for the establishment of a five million-ton steel plant in the subject state with an investment of Rupees 100 billion ($2.3 million).