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NMDC and Severstal to set up 3 million tpa steel plant in Bellary

NMDC and Severstal (the Russian steel major) has set up a 50:50 joint venture to set up a 3 million tpa steel plant in Bellary district of Karnataka. The project cost is estimated at USD 4 billion and is likely to be commissioned by 2017. It will financed by the partners in the debt:equity ratio of 70:30. Severstal will bring latest steel making technology and coking coal linkage while NMDC will bring iron ore linkage for the project.

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