*MUMBAI : *India’s largest iron ore miner and exporter, Sesa Goa Ltd (BOM:500295) posted heavy gains in a lackluster markets today as the company is said to be considering to foray into steel making business.
According to latest media reports, the company is considering to buy land for the proposed steel making plant to be located in Jharkhand. The top company sources maintained that the land acquisition would get completed during this fiscal-end. “No story has so far unfolded on this front. We are planning to meet our first milestone that is of acquiring land for the project in Jharkhand in the current fiscal,” PK Mukherjee, Managing Director of the company was quoted in report by news agency PTI. It was just in FY 2010, when the company had expressed its plans to foray into steel making business. Considering the raw material availability for the company, steel making activity can become a forward integration for the company. This advancement would pave way for the company to enter into the value-addition business from iron ore creating prospects for the company to gain access to rich iron ore reserves in the states like Jharkhand and Orissa. Sesa Goa produced nearly 21 million tonnes of iron ore in 2009-10, while in the first quarter of the current fiscal, the company produced about 6.5 million tonnes of iron ore. The company aims to reach at 50 million tonnes mark over next two-three years. The Vedanta Resources group company has pig iron making facilities at its premises in Goa, besides those in Karnataka and Orissa. -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
