Mittal Steel inks MoU with Jharkhand government

Mittal Steel inks MoU with Jharkhand government

Mittal Steel signed on Saturday (October 8) a memorandum of understanding with the government of India's Jharkhand state to build a 12 million-ton steelworks. The Rupees 400 billion ($9 billion) project will be carried out in two phases. In the first phase of the project, a six million-ton steel plant will be built within 48 months of the agreement. The second phase, which will see the construction of another 6 million-ton steel plant, will be finished within 54 months after completion of the first phase. In line with the deal, Mittal will also study the possibility of building a 2'400 MW power plant. The Jharkhand state is estimated to have iron ore reserves of 3.61 billion tons, sources report.