MUMBAI (Thomson Financial) - Indian steel major Jindal Stainless is planning a foray into the Russian market by setting up a greenfield facility in the north-western Leningrad region, The Economic Times reported.
In the first phase, Jindal Stainless may invest up to 60 mln usd in an integrated stainless steel facility in Leningrad, with a capacity to make 0.4 mln tonnes of stainless steel per year, the paper quoted a source as saying.
The paper cited reports from Russia as saying that the region's economic development commission is in talks with the company and is ready with potential sites for the proposed plant. The commission wants construction of the plant to begin in 2008-09.
However, Jindal Stainless managing director and chief executive VS Jain denied having struck a deal in Russia, the paper said.
'The company is constantly looking at attractive investment opportunities in the overseas markets including Russia that gives us control over inputs like manganese ore and ferro chrome. However, things are still at a preliminary stage,' the paper quoted Jain as saying. TFN.newsdesk@thomson.com ans/ran COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
In the first phase, Jindal Stainless may invest up to 60 mln usd in an integrated stainless steel facility in Leningrad, with a capacity to make 0.4 mln tonnes of stainless steel per year, the paper quoted a source as saying.
The paper cited reports from Russia as saying that the region's economic development commission is in talks with the company and is ready with potential sites for the proposed plant. The commission wants construction of the plant to begin in 2008-09.
However, Jindal Stainless managing director and chief executive VS Jain denied having struck a deal in Russia, the paper said.
'The company is constantly looking at attractive investment opportunities in the overseas markets including Russia that gives us control over inputs like manganese ore and ferro chrome. However, things are still at a preliminary stage,' the paper quoted Jain as saying. TFN.newsdesk@thomson.com ans/ran COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.