Vedanta to sign deal with Orissa government today

Vedanta to sign deal with Orissa government today

Non-ferrous metals giant Vedanta Resources is expected to sign an agreement with the Orissa government today to establish a steel plant in the Keonjhar region. The planned steel plant will have an annual production capacity of 5 million tons. Vedanta's project, which is expected to cost Rupees 125 billion ($2.7 billion), also covers development of iron ore mines. The planned steel plant, namely Sterlite Iron & Steel will be a joint venture between Vedanta Group and Volcan Investments, Vedanta's holding company. The products of the plant will range from hot rolled and cold rolled coils to long products.