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The six million tonne per annum capacity steel plant would come up at Haveri district in Karnataka
Bangalore: Tata Steel has announced plans to set up a Rs30,000 crore steel plant in Karnataka as the government-sponsored Global Investors' Meet (GIM) 2012 commenced.
The six million tonne per annum capacity plant would come up in Haveri district, Tata Steel Vice-Chairman B Muthuraman said at the inaugural GIM function.
Aditya Birla Group CMD Kumar Mangalam Birla said the group proposed to invest Rs7,000 crore in the state. This includes setting up a four million tonne per annum capacity cement plant at a cost of Rs2,750 crore.
Before the event, state government officials said that Karnataka aims to sign MoUs envisaging an investment of Rs6 lakh crore during GIM 2012 being held to showcase the state's investment potential.
At the inauguration, Chief Minister DV Sadananda Gowda said during the GIM 2010 the state signed 389 MoUs with (envisaged) investments amounting to Rs3.92 lakh crore. Of this amount, more than 72% of the projects are in various stages of implementation, he added.
Metkore is also negotiating with a well-established local firm for a joint venture agreement for its new ferro chrome project in Oman
Dubai: India's Metkore Alloys and Industries is set to build a world class 165,000 tonnes per annum capacity ferro chrome smelter project in Oman with an envisaged investment of $80 million, reports PTI.
This is the third ferro chrome project coming up Sohar free zone, local media reports said. The project work of Metkore is expected to start in October, with the completion of the work within 18 months.
According to reports, a land lease agreement was signed by Sheikh Sa'ad bin Mohammed Al Mardhouf Al Sa'adi, Chairman of Port of Sohar, and Prashant Boorugu, Managing Director of Metkore Alloys & Industries.
Metkore is negotiating with a well-established local firm for a joint venture agreement for the ferro chrome project, but no agreement has been signed so far.
The ferro chrome plant will become operational in 2014 and is expected to generate direct employment for about 500 people.
The company has already appointed consultants to carry out technical and environmental studies for the project.
Omanisation is the prime objective of the company and all efforts will be taken to train the local Omani nationals and appoint them to operate the plant profitably, it has said.
Further, the low grade chrome ore available in Oman will be beneficiated and put to gainful use thereby adding value to the mineral resources available in Oman.