India's Jayaswal Neco Industries limited (JNIL) has signed a memorandum of understanding (MoU) with the government of the western state of Maharashtra to set up an integrated steel plant with a capacity of 2 million tonnes per annum, the company said in a statement on Wednesday, January 28.
The company said an investment of about $11.24 billion will be made for the project, which will be located in the iron ore belt Gadchiroli in the state.
The memorandum was signed by the company with the representative of the state government at the recent World Economic Forum (WEF) in Davos.
The Maharashtra government will facilitate necessary permits, registrations, approvals, permissions and tax benefits in accordance with existing rules and policies, JNIL said.
