India's top iron ore miner NMDC Ltd is in talks with Nippon Steel Corp, the world's No. 2 steelmaker, to set up a two million tonne steel plant in the country, The Economic Times newspaper reported on Wednesday.
"It will be a joint-venture project and likely to cost Rs10,000 crore ($2.12 billion)," the paper quoted NMDC chairman and managing director Rana Som as saying.
A Nippon Steel spokesman said, however, that while the two firms were in talks to strengthen their business ties, they were not discussing the construction of a plant.
"We are aware that NMDC is interested in building a plant, and we are talking to them about strengthening our business ties, but it is not true that the two parties are in talks to build a steel plant," a Nippon Steel spokesperson said.
NMDC has been supplying iron ore to Nippon Steel.
Comments