JSW steel to bid for iron ore mines in Karnataka, says managing director Vinod Nowal.

JSW Steel, one of India's largest steelmakers, is aiming to get at least half of its iron ore requirements in Karnataka from captive sources, its deputy managing director Vinod Nowal said.

JSW Steel currently buys iron ore, the key ingredient to make steel, from the open market in India and some from abroad as it does not have its own iron ore mines to feed its plants in Karnataka, Maharashtra and Tamil Nadu.

The company will bid for existing but presently closed mines in Karnataka in the impending auction of `Category C' mines, where most illegal mining happened earlier. It has also put in applications for fresh mining leases in the state. 'We are more interested in Karnataka mines. We get a cost advantage there,' said Nowal.

ET