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Essar Steel to invest Rs.43 bn in Jharkhand

Publish Date : 12/5/2004 11:01:00 AM Source : India-Business-Steel

Privately owned Essar Steel will invest Rs.43 billion ($975 million) in a joint venture with Britain-based Hy-Grade Pellets Ltd (HGPL) to set up a three-million-tonne integrated steel plant in Jharkhand.

"The state government will help HGPL and Essar get iron ore in the state and set up a 300-MW captive power plant. The government will provide coal block, infrastructure and land to the steel company," an official said.

The state government has signed a memorandum of understanding (MoU) with HGPL and Essar to set up the plant.

--Indo-Asian News Service

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