The government of the southern Indian state of Karnataka has approved a policy that will see iron ore exports through non-major ports in the region resume after 15 years, a government statement said on Friday, November 28.
India’s ministry of steel has prepared detailed project reports (DPRs) for the revival of the defunct steel mill of Visvesvaraya Iron & Steel Limited (VISL) in the southern state of Karnataka entailing an investment of $448 million, steel minister H D Kumaraswamy said in a statement on Monday, December 1
Indian state-run steel producer Steel Authority of India Limited (SAIL) will make the investment to revive the VISL plant and keep it functional for next 50 years. The mill will start production based on the demand from the railway and defense sectors. Two DPRs have been prepared - for exploring the market and to study new technology,” he said.
“Efforts are underway to get a captive mine for the plant. I will give you complete details about the revival plan in January,” he said.
The defunct VISL mill was founded in 1923 and produced high quality special and alloy steel products. The process of closing it down started in 2023 owing to the high cost of production and obsolete technology.