London-listed Vedanta Resources Plc plans to set up a 5 million-tonne steel plant on India's east coast in a joint venture with Larsen & Toubro Ltd, a top Vedanta official said.
Sterlite Industries, a unit of Vedanta, had signed a preliminary agreement with the state government of Orissa in 2004 to build a 5 million-tonne steel plant in the state's mineral-rich Keonjhar district.
Vedanta Chairman Anil Agarwal met Orissa chief minister Naveen Patnaik on Thursday to discuss the group's projects in the state, and afterwards told reporters negotiations for the steel project were at an advanced stage.
He declined to give financial details or a timeline for the project.
"We have already initiated discussions with the Orissa government to find out if we can go with the old memorandum of understanding or sign a fresh one," A.K. Samal, senior vice president of Vedanta's projects in Orissa, told Reuters.
Source: ReutersCourtesy moneycontrol.com
Also check
Posts
No comments:
Post a Comment