Vedanta Resources on 15 October 2004 signed an agreement with the Orissa government
for setting up 5 million tpa
steel plant near Palaspanga in the Keonjhar district.
Vedanta has proposed to form a new company --
Sterlite Iron & Steel Co -- to implemented the Rs.12,500 crore project. Sterlite Iron & Steel would be joint venture
between the Vedanta group and Volcan Investments, Vedanta's holding company.
Apart from the steel plant, the project would
involve developing iron ore mines. The company would require about 500 million
tonnes of iron ore reserve for the intended capacity.
This is Sterlite's maiden entry in the ferrous
metal business. Sterlite's footprint in the non-ferrous metal industry spans
aluminium, copper, lead and zinc.
Related News:
Vedanta plans steel plant in Orissa
(26-Aug-04)