BANGALORE: Chinese conglomerate Xinxing group and China National Metal products, which have forged a joint venture with three Indian partners, on Wednesday announced an investment of Rs 8,735 crore to set up iron ore pellet plant in Karnataka in two phases. The JV, Xindia Steels is being promoted by the Xinxing Group, China National Metals products, a part of China Minmetals Corp, along with Manasara Investments, Kelachandra Group and Sigma Minmet. Under the JV, a two million tonne iron ore pellet plant will be set up at Koppal in the phase I and expanded to six million tonnes with the setting up of a five million tonne steel plant in the phase II, Liu Mingzhong, Chairman Xinxing group told reporters here.
The Indian partners hold 45 per cent stake in Xindia and the Chinese companies, 55 per cent. The new facility would use Xinxing's leading edge elletization and steel making technology and be fully equipped with best-in-class safety, health and environment compliance systems. The project is expected to provide direct and indirect jobs to over 16,000 people in the local community in both phases. Mingzhong said the facility would meet the growing local demand of the Indian steel industry. Its design allows for additional capacity expansion to accommodate growth in future. The investment is in line with the company strategy to be an active contributor to the emerging Indian steel industry.
He said Indian infrastructure has seen rapid growth in recent years resulting from investments in all sectors of the economy. "Our Indian team has demonstrated that Xinxing has the products and capability locally to bring these to the Indian market in a way that provides better value for customers." : Chinese conglomerate Xinxing group and China National Metal products, which have forged a joint venture with three Indian partners, on Wednesday announced an investment of Rs 8,735 crore to set up iron ore pellet plant in Karnataka in two phases. The JV, Xindia Steels is being promoted by the Xinxing Group, China National Metals products, a part of China Minmetals Corp, along with Manasara Investments, Kelachandra Group and Sigma Minmet.
Under the JV, a two million tonne iron ore pellet plant will be set up at Koppal in the phase I and expanded to six million tonnes with the setting up of a five million tonne steel plant in the phase II, Liu Mingzhong, Chairman Xinxing group told reporters here. The Indian partners hold 45 per cent stake in Xindia and the Chinese companies, 55 per cent. The new facility would use Xinxing's leading edge elletization and steel making technology and be fully equipped with best-in-class safety, health and environment compliance systems. The project is expected to provide direct and indirect jobs to over 16,000 people in the local community in both phases. Mingzhong said the facility would meet the growing local demand of the Indian steel industry.
Its design allows for additional capacity expansion to accommodate growth in future. The investment is in line with the company strategy to be an active contributor to the emerging Indian steel industry. He said Indian infrastructure has seen rapid growth in recent years resulting from investments in all sectors of the economy. "Our Indian team has demonstrated that Xinxing has the products and capability locally to bring these to the Indian market in a way that provides better value for customers."
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