Ispat Industries to build a steel plant in Paradip

Ispat Industries to build a steel plant in Paradip

Indian steel producer Ispat Industries reportedly plans to build a 5 million-ton steel plant at Paradip in the Orissa state of India. The company officials submitted a proposal to the Orissa state government regarding the subject. The company is also looking for 240 million tons of iron ore reserves for the project. Although no official announcement has been made on the cost of the project, it is estimated to cost around Rupees 120 billion ($2.7 billion). Ispat officials hope to sign a memorandum of understanding (MoU) with the Orissa government soon.