Sinosteel plans to spend 4 billion dollars to build a steel plant in India. With this it is joining global steelmakers like Posco and Arcelor Mittal. All the world majors arc eying the world's fifth biggest iron ore deposits and second fastest growing economy Sinosteel will initially invest 500 million dollars in the planned 5 million tonne plant in Jharkhand, according to the company's India Managing Director Hong Sen Wang . The total investment, the biggest in India by a Chinese company, will be spread over a period of eight years, he added. Delays in allocating land and mining permits have put on hold the construction work of 21 billion dollars projects announced in India by Arcelor Mittal and South Korea's Posco. It was primeminister's intervention that finally helped to clear the Posco project. Sinostcel is confident that its year-old relationship with India will help it secure approvals faster than rivals. Sinosteel is confident that there will be enough iron ore to support the plant. "We have very good relations with many sellers in India for many years." Sinosteel has been buying Indian ore since at least 1991.
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