JSW Steel has incorporated a joint venture with Andhra Pradesh Mineral Development Corporation Limited (APMDC) for an iron ore project in Andhra Pradesh, the company announced on Tuesday.
The joint venture company - APJSW Private Limited - is formed to set up Konijedu Marlapadu Integrated Iron Ore Project at Andhra Pradesh to mine and beneficiate low-grade iron ore.
With this partnership, JSW Steel and APMDC plan to invest Rs 1,075 crore to set up the iron ore project.
"The beneficiated iron ore concentrate available to JSW is expected to be 1.3 million tons per annum and would replace the imported iron ore usage, thereby resulting in cost savings," the company said.
JSW Steel holds 89% of APJSW, with balance 11% equity with APMDC. The newly formed JV has ita registered office in Vijayawada, Andhra Pradesh.
The joint venture company - APJSW Private Limited - is formed to set up Konijedu Marlapadu Integrated Iron Ore Project at Andhra Pradesh to mine and beneficiate low-grade iron ore.
With this partnership, JSW Steel and APMDC plan to invest Rs 1,075 crore to set up the iron ore project.
"The beneficiated iron ore concentrate available to JSW is expected to be 1.3 million tons per annum and would replace the imported iron ore usage, thereby resulting in cost savings," the company said.
JSW Steel holds 89% of APJSW, with balance 11% equity with APMDC. The newly formed JV has ita registered office in Vijayawada, Andhra Pradesh.
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