Sinosteel plans to set up steel plant
Sinosteel India Pvt Ltd is planning to set up a 3-5 million tonne steel plant in the eastern part of the country, a company official said on Tuesday.
By PTI |
NEW DELHI: Sinosteel India Pvt Ltd is planning to set up a 3-5 million tonne steel plant in the eastern part of the country, a company official said on Tuesday.
The company, a subsidiary of China's Sinosteel Corp, is looking at both Orissa and Jharkhand states for potential sites for its first mining and manufacturing venture in the country, Satyajit Singh, general manager for resources, told Reuters.
The amount of investment for the plant is yet to be decided, Singh said. Sinosteel could also enter into a partnership with an Indian company to set up the plant, he added.
"Only in the last few months have we realised just how big the potential is for steel in India," Singh said.
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
