Debarati Roy, Bloomberg
Mumbai: Steel Authority of India Ltd, the nation’s biggest state-owned producer, may set up 4 million ton plant jointly with two other state firms in central India.
The company will partner Rashtriya Ispat Nigam and National Mineral Development Corp. to build the plant in Chhattisgarh, which has 13% of the nation’s iron ore reserves, the New Delhi-based company said in a statement today.
Rashtriya Ispat is a state-run maker of wire rods, bars and billets. State-run National Mineral recorded an annual output of 27 million tons.
Steel Authority shares were little changed at Rs134 at close of trade on Bombay Stock Exchange. The announcement came after trading at 3:30 pm local time.