By Debarati Roy/ Bloomberg
Mumbai: Sinosteel Corp., a Chinese mineral trading company, said it plans to build a $4 billion (Rs16,239 crore) steel plant in eastern India.
The company will invest $500 million initially in the planned 5 million metric tonne steel plant in Jharkhand province, Sinosteel’s India managing director Hong Sen Wang said in a telephone interview from New Delhi on 7 May. The total investment will be made over eight years.
The company is in talks with the government of the province and may sign an initial accord next month, he said. Sinosteel expects to receive rights to as much as 300 million metric tonne of iron ore reserve for the proposed plant, he said.