India: Rungta Mines to Set Up Two Steel Plants
In a step towards forward integration, leading merchant miner Rungta Mines Ltd (RML) has firmed up plans to install two integrated steel plants in iron ore-laden Keonjhar district with a combined investment of Rs 3500 crore.
With a net worth in upwards of Rs 10,000 crore, RML is the flagship of SR Rungta Group, one of the largest non-captive miners in the eastern region, engaged in the extraction of iron ore, manganese, limestone, and dolomite.
Both the steel project proposals put forth by RML have been recommended to the High-Level Clearance Authority (HLCA). In Odisha, HLCA is chaired by the chief minister and is the apex body to approve investments exceeding Rs 1000 crore. Projects up to an investment size of Rs 1000 crore are cleared by the State Level Single Window Clearance Authority (SLSWCA).
Each of the steel projects will be equipped with a nameplate capacity of 0.53 million tonnes per annum. Products envisaged are steel TMT, wire rod, structural steel, and alloy steel. Both the steel complexes are tipped to generate employment for about 2000 people.
source: SteelMint
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