Russia’s Severstal, and India’s National Mineral Development Corporation (NMDC) have agreed to establish a Joint Venture company to build an integrated steel plant.
Russia’s Severstal, and India’s National Mineral Development Corporation (NMDC) have agreed to establish a Joint Venture company to build an integrated steel plant.
The JVC proposes to have its captive coking coal mining subsidiary in Russia and iron ore mining subsidiary in India, which will ensure long term supply of steelmaking raw materials to the proposed steel plant. The plant will be constructed in Karnataka and will have a capacity between 2 and 5Mt/y.
NMDC and Severstal will each have a 50% shareholding in the Joint Venture and will appoint the senior management team.