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A detailed project report (DPR) on the proposed Rs 5,000-crore steel plant to be set up under a joint Venture (JV) between ArcelorMittal
A detailed project report (DPR) on the proposed Rs 5,000-crore steel plant to be set up under a joint Venture (JV) between ArcelorMittal and state-run SAIL will be completed by August.
Last month, the world's largest steel-maker and domestic steel giant inked a pact to jointly set up a steel plant in India to cater to the fast growing automotive sector.
"The work on DPR has started and it will be ready by August. SAIL as well as ArcelorMittal want the project to start as soon as possible," a source said.
Post DPR, the whole process -- which includes formalising JV structure, assessing options for plant locations, project costs, etc -- could take about two years, the source added.
Earlier this month in an investor presentation, NRI billionaire Lakshmi Mittal-led company said the proposed steel plant will come up at a major auto cluster in India.
India has four major auto clusters -- Pune-Chakan belt in Maharashtra, in the outskirts of Chennai in Tamil Nadu, Sanad in Gujarat and the Gurgaon-Neemrana belt spread across Haryana and Rajasthan.