Sinosteel blends the Jharkhand route
Sinosteel plans to tie up with Chinese firm in Jharkhand.
By PTI |
NEW DELHI: Sinosteel, which has proposed to set up a five million tonne steel plant in Jharkhand, is planning to partner with another Chinese steel firm on the project to be set up at a cost of $ 4 billion.
"Another Chinese steel firm Handan Zongheng Iron and Steel Group has expressed desire to partner with us in the Jharkhand project. We are considering the same," Sinosteel India Managing Director Hongseng Wang told the media.
When asked why Sinosteel preferred Handan, Wang said his company was instrumental in setting up the latter's plant and supplied the entire machinery for it, and so it was emerging as the natural choice.
The Chinese company has already submitted a proposal in May to the Jharkhand government to set up the plant at Silly, about 45 km from Ranchi.
Though Sinosteel is considering partnering with Handan Zongheng, other Chinese steel firms too have expressed their interest for the project, he said.
"We are verifying the land and are awaiting the response of the government," Sinosteel India chief said and exuded confidence that the company hoped to begin construction by end of this year.
The state government has assured Sinosteel India to provide 3,000 acre land needed to set the plant, he said.
Sinsteel planned to produce construction steel from its Jharkhand plant mainly to cater to the burgeoning real estate sector in the country.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
