India’s state-run KIOCL Limited (formerly Kudremukh Iron Ore Company Limited) has signed an agreement to enter the European market, including the UK, as a supplier of iron ore pellets, company sources said on Friday, June 28.
The sources said that memorandums of understanding (MoUs) have been signed with Glencore International AG and Steel Mont Gmbh under which the Indian iron ore pellet producer will deliver supplies to buyers in Europe and the UK.
KIOCL has set a target of 2.6 million mt of iron ore pellet production for the fiscal year 2019-20, up from 2.3 million mt in the previous fiscal year, from its pellet plant at Mangalore in southern India which has an installed capacity of 3.5 million mt.
The sources said that KIOCL will be investing around $28 million to upgrade its pellet plant in the current year.