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JSPL, Rocklands join hands for three projects
29 April 2010: Jindal Steel and Power (JSPL) has joined hands with Rocklands Richfield for three projects.
Under the agreement, the companies are expected to form a equal JV to set up coal bricks project near JSPL’s coal handling and washing plant at Raigarh in Chhattisgarh. Rocklands has the technology to convert coal waste from mines into bricks that can be used for construction. While JSPL is likely to provide 50 acre near its Raigarh plant for the brick plant, Rocklands will give the technical know-how.
Both the partners are planning to invest $10 million (approx Rs 44.45 crore) in the coal bricks project. It is slated to commence commercial production by May 2011. Of the total capex, $5 million (approx Rs 22.22 crore) will be funded through debt.
Initially, the JV plant for the sintered bricks will have one or two production lines, with a capacity of 1.5 lakh tpa each year. The total capacity of the plant is expected to touch 6 lakh tpa within three years.
This apart, JSPL is likely to develop two of Rocklands’ coking coal projects in Australia. It will also help Rocklands to expand its coking coal projects in China.
Source: DNA