Ispat plans to set up cement plant in Madhya Pradesh

New Delhi: Leading steel producer Ispat Industries will set up a 2 million tonne cement plant in Madhya Pradesh with an investment of about Rs 700 crore.

A memorandum of understanding for the proposed plant in Panna district of the State was signed between Ispat Industries, and Trade and Investment Facilitation Corporation Ltd.

Pramod and Vinod Mittal-promoted Ispat Industries has already announced to set up a 1 million tonne capacity coke oven battery in the State besides a coal washery of similar capacity and a power plant of 30 MW.

The Coal Ministry had recently approved allocation of Behrabandh coking coal block in Madhya Pradesh to Ispat Industries on a sharing basis with Essar, Mukund Steel and Ind Synergy.

In addition to its investment plans in Madhya Pradesh, the steel major intends to invest about Rs 7,000 crore in Jharkhand for setting up a 2.8 million tonne integrated steel plant.

The Government is understood to have approved allocation of Latua iron ore mines in Chaibasa district of Jharkhand to Ispat Industries.

The steel major plans to scale up the production capacity of the proposed Jharkhand plant to 5 million tonnes, for which it would require a total of 250 million tonnes of iron ore for a span of 30 years.