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Indian steel producer Jindal Steel & Power Ltd (JSPL) has recently signed a memorandum of understanding (MoU) with the Orissa government to build a steel plant and a ferro alloys plants in Keonjhar district. The planned steel plant and the ferro alloys plant will have an annual production capacity of 2 million tons and 80'000 tons, respectively. JSPL plans to invest Rupees 38.5 billion ($840 million) in the project. Orissa government will provide necessary support to the steel producer in return for the project. The project, which also covers establishment of a captive power plant with a capacity of 200 MW is scheduled to be completed in seven years.