Essar, Sinosteel to set up steel plants in India

Indian steelmaker Essar Steel is negotiating with Chinese steel company, Sinosteel Corporation, to set up steel plants in India's Paradip, Chattisgarh and Jharkhand. The production capacity of Essar Steel is expected to increase to 30 million metric tons from 4.6 million metric tons, once the $6.6 billion-project is completed. Sinosteel President, Huang Tianwen said that the company is interested in joint venture partnerships with Indian companies and are in talks with major steel companies like Essar Group.