By Our Correspondent
BHUBANESWAR/KOIRA: Goa-based company Sociedade De Fomento Industrial Private Limited (Fomento) , which has bagged the Nadidih iron block in Koira circle of Sundargarh district, from Rungta Mines Ltd, will invest over Rs 1,000 crore in Odisha in a iron ore beneficiation plant and pellet plant.
The Fomento Group, will set up a 3.6 MTPA iron ore beneficiation plant and a pellet plant of 3.2 MTPA at Dhamra in Bhadrakh district, sources said.
Both projects will come up with an investment of Rs 1,040 crore, officials said. The Fomento Group requires 440 acres of land for both the plants in different places with employment potential of 700 persons, both direct and indirect, the sources said.
According to sources, the group has decided to commission the project within 24 months from the date of land allotment. According to official sources, Fomento will use low grade fines generated from its own and nearby mines.
