National Mineral Development Corporation Ltd (NMDC), government-owned mineral producer plans to invest nearly $1 billion on infrastructure in the following three years to increase iron ore production, a Senior Official told the Indian daily news, Business Standard.
Amitava Mukherjee, Director of NMDC, said the expenditure of creating new three million steel plant will go up to INR 19,000 crore against the estimated amount INR 15,500 crore.
Till now, the government-owned miner has invested up to INR 14,500 crore on the plants production.
"The mine capacity is also being increased. We are investing about $1 billion...The production of steel-making would go from the current capacity of 146 million tonnes per annum to 300 MTPA, and I see a market in future in domestic ore consumption," Mukherjee told the Indian daily news, Business Standard.
About $200 millions have already been invested in different projects. We expect all this (investment) to be completed by 2022 to 2023," Mukherjee told the Indian daily news, Press Trust of India.
In Bailadilla, Chandigarh, the mining company is forming a wagon-loading system for establishing up a slurry pipe. Further, it has begun the process of increasing railway line twofold between Kothavalasa and Kirundul, Mukherjee told.