Keen to get a strong foothold in Jharkhand, mining baron Anil Agarwal on Thursday said he has "big plans" for the state but initial foray will be with $1 billion investment that includes setting up a 1 million tonne steel plant.
"There is a lot of potential...This (Jharkhand) is a real Australia in India with its huge natural resources. We have a big plan but we will start with the medium size or small size project. We intend to set up a one million tonne of steel plant," Agarwal told PTI in an interview.
"Once we start and find that things are comfortable, we can always enhance. We have identified the place. We have some iron ore deposits there which I would like to explore and develop. It is just a first step," Agarwal said, adding that the timeline set for the plant is two years.
The iron ore will be supplied to the plant through its Dhobil mines adjacent to Manoharpur, which it plans to develop at a cost of Rs 500 crore.
Describing the proposed steel plant as just a first step, Agarwal said, "We want to have a foothold there and let's see. A lot can be produced in Jharkhand. For natural resource and goods, you need a lot of employment. At the same time you save your foreign exchange and hard earned money. This is a very win-win situation for Jharkhand.