Bangalore, Apr 23 (PTI) Rashtriya Ispat Nigam Ltd today said it is planning to set up a three million ton capacity steel plant under joint venture with Karnataka.
The RINL, which runs Vishakapatnam Steel Plant, a Navratna company, has been eying to utilise the existing facilities of Kudremukh Iron ore Comany Ltd to set up the plant.
Under a Supreme Court order, which banned mining activity in the eco-sensitive western ghats region, Kudremukh plant was shut down about five years ago.
The investment in the proposed JV would be in the order of about Rs 15,000 crore, RINL CMD, Pradip Kumar Bishnoi told reporters after launching its Rural Dealership Scheme in Karnataka.
KIOCL has some fine dumps of iron ore which it has not used and RINL is planning to utilise it. KIOCL also owns a pellet plant at Mangalore, which the Vizag steels is keen on running,he said.