Ispat Industries to pump in Rs 1,500 cr in coal

New Delhi, Oct 29: Ispat Industries today said it has signed an MoU with M P Trade&Investment Facilitation Corporation Ltd, a wholly-owned undertaking of Madhya Pradesh Government, to invest Rs 1500 crore in coal and power plant.

Upon allotment of coal block, the company intends to make a total investment of about Rs 1,500 crore through a Special Purpose Vehicle (SPV) Company, to be formed at an appropriate time, for setting-up coke oven battery plant, coal washery and beneficiation plant and pit head power plant in MP, a company statement said.

The facilities would entail employment to about 500 people once they are set up, the statement added.

UNI