Chinas Xinxing Group in JV to set up steel plant in Ktaka
Chinese conglomerate Xinxing Group, along with its partners, will invest Rs 8,735 crore to set up a pellet and steel manufacturing facilities in Karnataka in two phases. The $11 billion group along with Chinese and Indian partners has forged a joint venture, XINDIA Steels Ltd, to set up a steel plant in Koppal district of Karnataka. In the first phase, XINDIA Steels will invest Rs 400 crore to set up a 2 million tonne per annum (MTPA) iron ore pellet plant in 300 acres. XINDIA has acquired a steel manufacturing company, Humpi Steels, where it will set up the plant. XINDIA is a joint venture among Xinxing Group, China Minmetals Corporation, Manasara Investments, Kelachandra Group and Sigma Minmet Ltd with Chinese firms