The company has proposed to also develop a 2500 acre industrial park at Padampur in West Singhbhum district which has major iron-ore mines, Group spokesman Chandra Bhusan Sharma said here today.
The application for the MoU was made recently, he said adding mineral-rich Jharkhand was deemed by the company as an ideal location as the project, estimated to cost Rs 5,850 crore, required significant quantities of iron-ore fines and would serve the growing raw material requirement of steel mills in the state.
Pellets are preferred by steel mills for its physical and metallurgical properties and can by easily transported due to its high strength and storage suitability for storage.
About the proposed industrial park, Sharma said Adhunik Group said would develop the land and provide it to players interested in setting up units there.
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Power would be provided at a concessional rate for an arrangement of 25 years through group compan which is setting up a 1000 mw thermal power plant in the state.
The other facilities of the proposed project are a benefication plant and a township. The industrial park if developed would attract huge investment in the state and generate direct and indirect empoyment for around 20,000 people, he claimed.