Corporate Ispat Alloys (CIAL), a unit of Abhijeet group, is setting up a 2-million tonne steel plant, whose foundation stone was laid here today by visiting President of Mauritius Anerood Jaganuth and Jharkhand Chief Minister Arjun Munda.
The pellet-based plant will come up at adjoining Kharswan.
CIAL Managing Director Abhijeet Jayaswal said Rs 10,000 crore will be invested to set up the plant over 4,000 acres and would be commissioned by 2012.
The construction work of the plant has already begun and 1,500 acres had already been acquired, he said, adding that the process of acquisition of the remaining land was on.
The company, he said, would also set up a 3-million tonne per annum plant to produce pellets and the company would use lumps instead of fine iron-ore in this plant. A 60-Mw captive power plant will also be set up.
Besides, work is on to set up a 4,000-Mw power plant at Latehar at an investment of Rs 24,000 crore. "We have started construction work for 330x2, while the land acquisition process for proposed 660x4 was on," Jayaswal said.
The company has already placed orders with Bharat Heavy Electrical for four units and the first unit would be commissioned by 2012, he added.
