Russia's largest steel maker Severstal and India's National Mineral Development Corporation (NMDC) plan to set up a joint venture to build a $5 bln steel plant in India with an annual capacity of 5 million tons The Indian Express quoted NMDC Chairman and Managing Director Rana Som as saying .
"The steel plant will come up at Bellary in Karnataka. It will initially have a capacity of 2 million tons and will be later taken up to 5 million tons," Rana Som was quoted as saying.
The companies will sign a memorandum of understanding to set up the joint venture on a parity basis very soon.
The charter capital of the joint venture, which will be NMDC's second steel plant in India, could total $1.36 bln.
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