Sesa Goa plans two steel plants

Mumbai: Sesa Goa, the cash-rich iron ore exporter, is planning to build steel plants .

The company would build small size plants of about 1.5 million tonnes in Orissa and Jharkhand as forward integration and to address high duties on export of ore.

The company has started looking at Orissa, where one of the group companies has an MoU for setting up a steel plant. They have started pursuing it with the state government.

The company is also mulling a steel plant in Jharkhand, where it has a prospecting licence for carrying out mining operations.

The company is looking at acquiring about 800 acres of land by the end of this year.

Sesa Goa has acquired the Karnataka based Bellary Steel and Alloys (BSAL), put on the block by a consortium of lenders led by IFCI, for Rs 220 crore and its assets have also been transferred to the company.