Vedanta to set up steel plant in Jharkhand in JV with JSMDC

A bird flies by the Vedanta office building in Mumbai August 16, 2010. India-focused miner Vedanta Resources said it will buy 51-60 percent of Cairn India for about $8.5-9.6 billion in cash to be funded via debt and cash resources, a move that would represent Vedanta's first foray into oil and gas, and help Edinburgh-based Cairn Energy fund an expensive drilling programme in Greenland. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS ENERGY) - RTXSAAV

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A steel plant would soon come up at Manoharpur in West Singhbhum district, Jharkhand Chief Minister Raghubar Das said here.

The Vedanta group and Jharkhand Mineral Development Corporation (JSMDC) would jointly set up the plant.

"Rs 700 crore of the total MoU signed with prospective investors have already been implemented on the ground and project proposals worth Rs 15 to 16,000 crore will be effective in July," Das told a press conference here.

The steel plant of West Singhbhum district is one of such projects.

Claiming that investors were being attracted towards the mineral-rich state, the chief minister said that the state government had signed Rs 3 lakh crore worth of long-term and mid-term MoUs with the investors during the Momentum Jharkhand investors meet in February.

Priority would be given to mid-term MoUs that could start production within three years of implementation and generate employment, he said.

On air connectivity, he said that air services between Ranchi and Jamshedpur, Hazaribagh, Dumka, Deoghar and Palamau would start soon.

The government has also plans to set up an world class airport in Dhalbhumgarh under Ghatsila sub-division of East Singhbum district.

A survey report on the proposed airport at Dhalbhumgarh has been received and was under consideration for further action, he said.