KIOCL picks partner for steel plant in Karnataka

KIOCL picks partner for steel plant in Karnataka

“Due diligence is taking place on that. Consultant is going through the papers,” KIOCL  (formerly Kudremukh Iron Ore Company Limited)Chairman & Managing Director K Ranganath told PTI here.

He expects the joint venture agreement to be signed in a month or two. “We are looking for (setting up) a plant within Karnataka,” he said, adding “We will start with 1.5 million tonnes (capacity annually in the proposed plant) expandable to three milllion... five million and later to 15 million tonnes.”

On the extent of equity partication by the joint venture partner, Ranganath said “I do not want anything less than 26 per cent.”

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