India’s SAIL plans to invest $ 11bn in Afghanistan: chairman

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    India’s SAIL plans to invest $ 11bn in Afghanistan: chairman

    NDTV, 30 Nov 2011

    Steel Authority of India or SAIL, the biggest state-owned company, is planning to invest $ 11 bn over 8-10 years in Afghanistan. This could be the single largest investment by an Indian company in the war-torn nation.

    “The company is looking to set up a 6 million tons steel plant in two phases,” SAIL chairman Chandra Shekhar Verma told reporters.

    The company has asked Afghanistan to provide the requisite land and other infrastructure the plant. The company has also bagged 1.2 billion ton iron ore mines in the country through a consortium.

    “The investment would be by consortium of Indian companies and and would need guarantee from both Afghan and Indian government,” he added.

    On Tuesday, the company announced that it was investing Rs 375 crore for detailed exploration of three iron ore mines bagged in Hajigak, Afghanistan.

    SAIL shares fell 2.2 per cent while the BSE Sensex inched up 0.5 per cent.

    A consortium of seven Indian steel makers, both public and private, led by Steel Authority of India (SAIL) bagged the development rights to mine in three iron ore blocks - B, C and D - at Hajigak in the Central Bamiyan province of Afghanistan.

    "The Hajigak iron ore deposits estimated iron ore reserves are approximately 1500 mt,," SAIL said in a statement.

    Apart from SAIL, NMDC Ltd, Rashtriya Ispat Nigam, JSW Steel, Jindal Steel & Power, JSW Ispat and Monnet Ispat are the members of the consortium.

    India’s SAIL plans to invest $ 11bn in Afghanistan: chairman
     
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