Tata Steel to build steel plant in Jharkhand

Tata Steel to build steel plant in Jharkhand

Indian steelmaker Tata Steel Ltd announced plans to build a second steel plant in India's Jharkhand state with an investment of Rupees 450-550 billion ($10.2-12.5 billion) over nine years. In line with the plan, the plant will be a greenfield plant with an annual production capacity of 10 million tons. The project will be conducted in two phases. While 5 million-ton capacity is the target of the first phase of the project, which will last 4 years and require an investment of Rupees 150-200 billion ($3.4-4.5 billion), the second phase of the project will add another five million ton capacity with an investment of Rupees 300-350 billion ($6.8-8 billion). The project is a part of Tata Steel's goal to increase its annual production capacity to 15 million tons by 2015. As reported by SteelOrbis early this week, Tata Steel renewed its lease deal with the state government of Jharkhand for a 30-year period effective retrospectively as of January 1, 1996.