VSP to invest in coal and iron ore mines
Indian steel producer Visakhapatnam Steel Plant (VSP) is reportedly planning to invest Rupees 10 billion ($218 million) in coal and iron ore mines. VSP is in negotiations with Australian and Canadian coal companies to form joint venture mining companies. Moreover, VSP is in talks with State Governments of Orissa and Chhattisgarh to acquire iron ore mining blocks. Many Indian companies have suffered from a shortage of coking coal during the last fiscal year as they do not have their own mines. However VSP, becoming a zero-debt company last year, has increased investments in mines to supply raw material for steelmaking.