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.