State-run mining behemoth NMDC will invest about Rs 12,000 crore to set up an integrated steel plant in Chhattisgarh with an annual capacity of three million tonnes.
"The company will invest about Rs 12,000 crore in the project," company sources said.
The foundation stone would be laid tomorrow by Steel Minister Ram Vilas Paswan.
"... The Minister for Chemicals and Fertilisers and Steel Ram Vilas Paswan and the Chief Minister of Chhattisgarh Raman Singh will be laying the foundation stone to the proposed Integrated Steel Plant at Nagarnar on September 03, 2008," said the company in a filing to the Bombay Stock Exchange today.
Last year, three public sector units — Steel Authority of India Ltd (SAIL), National Mineral Development Corporation (NMDC) and Rashtriya Ispat Nigam Ltd (RINL) had joined hands to set up the plant but earlier this year NMDC said it would be going solo on the project.
Earlier, NMDC had identified land near Dilimili in Chhattisgarh and state-run MECON had prepared the feasibility report for the proposed plant.
But, the mining PSU was later asked to relocate it, sources added.