Mumbai: Aiming to curb the dependence on costly imports, country’s steel major, JSW Steel Ltd aims to bid for iron ore mining blocks in Karnataka. JSW and rivals such as Essar Steel have been forced to import iron ore due to a ban on mining.
India’s top court last week canceled the leases of 49 iron ore mines in Karnataka because they were mining illegally. It said they may be assigned to the highest bidder among end-users.
JSW already has an iron ore joint venture in Karnataka with a production capacity of 2.5 million tonnes per year. The company has the capacity to produce more than 14 million tonnes of steel products per year, mainly for the domestic market.
EPC World News Bureau
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