Xindia Steels to set up steel plant in State

Xindia Steels to set up steel plant in State

The plan envisages, in the first phase, commissioning of a 0.8 million tonne iron ore pellet plant at the site.  Xindia Steels Limited is promoted by two major Chinese state-owned entities — Xinxing Cathay International Group  and China Minmetals Group. The Indian promoters are Kelchandra Group and the Manasara Group.

Speaking on the occasion, Chief Minister D V Sadananda Gowda, said the new mineral policy of the State was focused on bringing value-addition to such projects. The proposed steel plant at Koppal, he said, would not only bring in big ticket investment for the State but also inclusive growth and development of the district.

In this regard, he said, around 20 projects of the total 389 projects, which received clearances at the Global Investors’ Meet 2010 have been completed and begun their operations. The long term plan of Xindia Steels is to have a 5 million tonne facility in the third phase.

Chinese Ambassador Zhang Yan, said that the company currently is providing jobs for 200 persons at the pelletisation plant and by the third phase when the entire project would go on stream, around 10,000 jobs would be generated.

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