India’s Baldota Group will invest an estimated $6.20 billion to construct a 10.50 million mt per year capacity greenfield steel mill in the southern state of Karnataka, a government official said on Wednesday, February 12.
The official said that a memorandum of understanding (MoU) between Baldota Group and the Karnataka government would be signed shortly.
“We will have the groundbreaking next month and investment will be in phases. It will need some time about... 2.5 years to three years to be fully functional,” Rahul Kumar Baldota of Baldota Group said in a statement.
On availability of iron ore, he commented, “The ore will be available in a 50-km radius and will be ferried to the location as efficiently as possible.’’
Baldota Group is a leading player in mineral exploration, mining, industrial gases, pellet production, wind power, shipping and waste treatment products. It operates iron ore mines in Karnataka.