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).