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Global steel company looks to set up plant in India

Friday, 08 Nov 2019
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A global steelmaker is considering investing USD four billion (Rs 28,000 crore) to set up a plant in India and is in preliminary discussions with the Karnataka, Andhra Pradesh and Gujarat governments for the proposed project.

The company plans to set up a four million tpa steel plant in the near term and progressively take it up to 12 million tonne.

The company’s India plans are part of its strategy to diversify its steel mills across the world. Ballari district in Karnataka is the company’s preferred location for the plant because the region has abundant deposits of high-grade iron ore. The global steelmaker is also evaluating potential areas in Gujarat and Andhra Pradesh.

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