Orissa government to sign MoU's for steel projects

Orissa government to sign MoU’s for steel projects

Recent news in the market reports that Orissa state government will sign memorandum of understanding (MoU) with Jindal Stainless Steel Ltd (JSSL) and four other companies regarding the planned steel projects in the region. The MoU's are expected to be signed tomorrow. The other four companies are Maharashtra Seamless, SPS Sponge Iron, Orissa Sponge Iron and Sunflag Special Steels Ltd. As previously reported by SteelOrbis, TISCO officially applied to the Orissa government to establish a steel plant in the region. JSSL plans to invest Rupees 70 billion ($1.5 billion) to produce 1.6 million tons of stainless steel, 300'000 tons of ferro chrome, 160'000 tons of ferro manganese and ferro silicon in the region. The project of JSSL is planned to be completed in three phases. The other four companies plan to invest a total of Rupees 25 billion ($540 million) to produce 2 million tons of steel in the region collectively.