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NMDC expects to finalise a joint venture with Russian steel maker Severstal by December this year. The proposed 50:50 joint venture will set up a three million tonnes per annum (mtpa) steel plant near Bellary that will produce specialised grade auto and electrical products.
“By December, we will sign the joint venture agreement,” Mr Som said. NMDC has already paid Rs 60 crore as security deposit to the Karnataka Government to help acquire the required 2,800 acres. The location for the steel plant is close to the proposed 6 mpta plant of Arcelor Mittal.
NMDC's proposed plant with Severstal is expandable up to 5 mtpa and entails an investment of Rs 25,000 crore.
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