Mittal, Jharkhand to ink deal soon

Mittal proposes to set up a 12 million capacity project. Although the site is not finalised, it is expected to be around the Manoharpur block of West Singhbhum district, 250 km from Jamshedpur. Chiria hills, the single-largest deposit of about 200 mts of iron ore in the world, lies in Manoharpur.

As per the text of the Memorandum of Understanding slated to be signed by Mittal and Sharma, Mittal Steel Co (MSC) proposes to set up two six mts plants, a township, technical institutions and a 2500 MW thermal power plant.

The Munda government promises to acquire 25,000 acres of land and recommend grant of lease of 600 mts of iron-ore reserve for a period of 30 years and 400 mts reserve for another 20 years.

MSC plans to build its plant in two phases. The first phase of six mts per annum is likely to be undertaken within three to four-and-a-half years from the date of obtaining all necessary clearances.