TISCO signs MoU with the Orissa government

TISCO signs MoU with the Orissa government

According to recent news in the market, Indian steel producer Tata Iron and Steel Corp (TISCO) has signed a memorandum of understanding with the Orissa government to establish an integrated green-field steel plant, which will have an annual production capacity of 6 million tons. The plant is planned to be built in Kalinganagar in Jajpur district of Orissa state. The planned steel plant will be established in two stages and the total investment for the project will be Rupees 154 billion ($3.4 billion). The first stage of the project, which is scheduled to be completed in four years covers establishment of blast furnace, coke ovens, sinter plant, caster and rolling mill. The second stage is scheduled to be completed within 2 years after the first stage is completed. The project also covers development of iron ore mines, which will meet raw material requirement.