Russia's largest steel maker Severstal and India's National Mineral Development Corporation (NMDC) plan to set up a joint venture to build a $5 bln steel plant in north-west India with an annual capacity of 5 million tons The Indian Express quoted NMDC Chairman and Managing Director Rana Som as saying on Thursday.
"The steel plant will come up at Bellary in Karnataka. It will initially have a capacity of 2 million tons and will be later taken up to 5 million tons," Rana Som was quoted as saying.
The companies will sign a memorandum of understanding to set up the joint venture on a parity basis on Friday.
The charter capital of the joint venture, which will be NMDC's second steel plant in India, could total $1.36 bln.
MOSCOW, December 9 (RIA Novosti)
