SAIL to form jv with Kudremukh Iron Ore Co

SAIL to form jv with Kudremukh Iron Ore Co

Indian state-run steel producer Steel Authority of India Ltd (SAIL) has recently announced that it reached an agreement with India's largest mining and pelletization complex Kudremukh Iron Ore Co to form joint venture iron ore mines in Orissa state. The iron ore mines, in which the both companies hold 50%, will meet raw material requirement of SAIL's plants. The deal will contribute SAIL's plants' plan to increase their annual hot metal production from 13 million tons to 20 million tons by 2011-2012. For expansion project, SAIL plans to spend Rupees 250 billion ($5.4 billion).