The Indian government is investing 500 crores in building 5 scrap-based steel plant. This project might get completed in 1 year. This facility will be capable of handling 300 million tonne steel output. But India is targeting on doubling up the output by 2030.
The Indian government is investing 100 crores per plant and has planned to set up all the plant in just 1 year. This scrap plant will make reusable steel from the scrap and this will not only save the money but will also be much profitable.
1st scrap plant comes up next month in Noida, Uttar Pradesh.
But as we all know that it is not easy to but this plant so fast just by the government, so MSTC has signed a joint venture agreement with Mahindra. It will work on melt and manufacture steel tech used by the USA.
Total Investment: 500 Crores
Number of Plants: 5
First Plant to be setup: Noida, Uttar Pradesh