Business Daily from THE HINDU group of publications
Friday, Nov 24, 2006
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Business Daily from THE HINDU group of publications Friday, Nov 24, 2006 ePaper |
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New Projects Industry & Economy - Steel Essar Steel, Sinosteel in talks to set up plants Our Bureau
Mumbai , Nov. 23 Essar Steel is in talks with Chinese steel company Sinosteel Corporation for setting up steel plants in Paradip, Chhattisgarh and Jharkhand. The $6.6-billion project, once completed, will increase the production capacity of Essar from 4.6 million tonnes (mt) to 30 mt. The company also has plans to expand its Hazira plant to produce 10 mt of steel. "We are holding talks with Sinosteel to partner our expansion programmes. It is too early to say anything else in this regard," said Mr J.S. Saluja, Director - Projects, Essar Group. Talking to newspersons on the sidelines of India-China Economic, Trade and Investment Co-operation Summit, Sinosteel President, Mr Huang Tianwen said, "We are interested in joint venture partnerships with Indian companies and are in talks with steel majors like Essar Group in this regard." Sinosteel is a state-owned enterprise with about 62 subsidiaries in countries such as India, Australia, South Africa, Brazil and Germany. The company is engaged in development of metallurgical mineral resources, trading and logistics of metallurgical raw materials and providing auxiliary services for the steel industry. Essar also has plans to set up manufacturing capacities in countries such as Vietnam and Bangladesh, Mr Saluja added.
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