KIOCL to invest Rs 1,500 crore in Anantapur

KIOCL is among the three PSUs that signed MoUs with Andhra govt for exploration and exploitation of iron ore at Nemalkal and Hiradahalu villages

Bangalore-based public sector undertaking, Kudremukh Iron Ore Company Limited (KIOCL), has entered into a memorandum of understanding (MoU) with Rashtriya Ispat Nigam Limited (RINL) for setting up benefication and pellet plants at Nemalkal and Hiradahalu villages in Anantapur district of Andhra Pradesh.

The plants will have a capacity of 1.2 million tonne a year each depending on the availability of iron ore. KIOCL will invest Rs 1,000-1,500 crore in this project, according to a press release.

"The ground-breaking ceremony will take place during the middle of August and it will take 36 months to begin production of iron ore and commissioning of the plants. The project will provide direct and indirect employment to about 3,500 people," said KIOCL chairman Malay Chatterjee.

KIOCL is among the three public sector undertakings that signed MoUs with the Andhra Pradesh government for exploration and exploitation of iron ore at Nemalkal and Hiradahalu on Saturday.

Meanwhile, Andhra Pradesh chief minister N Kiran Kumar Reddy has asked AP Choudhary, chairman and managing director of RINL, to take up signing of the MoU for setting up Bayyaram iron ore benefication and steel plants at the earliest.

Local people should be given employment in the proposed plants, the chief minister said in a release. Reddy also asked RINL to work out the possibility for establishing a steel plant in Jammalamadugu area of Kadapa district in the lands cancelled for Brahmani steel plant.