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Essar Global, the international business division of the Essar Group has entered in to an agreement with INI Steel, South Korea to acquire certain steel plant and equipment. The value of the equipment is estimated at around $100m. The equipment, which includes 2 Corex furnaces and an oxygen plant, will help Essar to set up a 2.5m tonne steel making facility. An Essar Group spokes person on Monday said that the agreement is subject lo certain conditions, while adding that the location of the plant has not yet been finalised. Sources however said that the equipment will be used to set up a steel plant in Orissa, where the Essar Group has signed a MoU with the state government to set up a 3m tonne integrated steel plant.
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| Posted : 9/6/2005 |
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