New Delhi, Aug 22 (Calcutta Tube) The Bolivian government has provided 3,000 acres of additional land to Naveen Jindal-led Jindal Steel for its $2.1 billion steel and power plant in the south American country.
‘Bolivian government has now provided 3,000 acres for the project in addition to around 1,000 acres provided earlier,’ Jindal Steel said in a statement, adding that the company required a total of nearly 5,000 acres for the project.
‘The company needs the remaining land for putting a power generation unit close to the steel plant,’ it said.
In 2007, Jindal Steel had got the rights to the El Mutun mine of Bolivia and agreed to invest $2.1 billion over eight years to develop an integrated steel plant. For the project, Jindal Steel has created a subsidiary, Jindal Steel Bolivia.
Bolivian President Evo Morales has signed a law ceding the land that Jindal Steel Bolivia required to develop a steel plant.
The plant will be operational in 3-4 years.
— Indo-Asian News Service