GJR teams up with Indonesian firm, mulls integrated steel plant

Bangalore: GJR Group, a mining and steel company, forms a 50:50 joint venture with Earthstone Resources, an Indonesian company, for a mining project.

Earthstone has wide-ranging interests in exploration and development of mineral properties in Asia, Africa and other countries, and has the mining rights over the Nalo Baru in Sumatra.

According to Mr. Janardhana Reddy, who is the GJR Group Chairman and Managing Director, said as part of the agreement with Earthstone, his group will invest $30 million in mine development spread over a period.

GJR, leading exporter of ore to China, will also use the output from the Indonesia mine for the purpose as well as for its proposed integrated steel project.

The Rs 2,000-crore GJR Group also plans to set up a 10 mtpa integrated steel plant in Andhra Pradesh at an initial investment of Rs 7,760 crore. Brahmani Industries, a subsidiary of GJR, will invest in the steel plant, said Ms G. Renuka, Director, GJR.