Pramod and Vinod Mittal-owned Ispat Industries intends to invest about Rs 700 crore in Madhya Pradesh, for set up of a 2 million tonne cement plant.

A memorandum of understanding for the proposed plant in Panna district of the State was signed yesterday between the company and Trade and Investment Facilitation Corporation Limited.  

The Coal Ministry had recently approved allocation of Behrabandh coking coal block in Madhya Pradesh to Ispat Industries on a sharing basis with Essar, Mukund Steel and Ind Synergy. Of the total 170 million tonnes of the total reserves in the captive block, Ispat got 70 million tonnes.

Apart from these investments, Ispat Industries also plan to spend around Rs 7,000 crore in Jharkhand for setting up a 2.8 million tonne integrated steel plant.

Ispat Industries Limited has posted a net profit of Rs 34.80 crore for the 12-month period ended March 31, 2008, against a net loss of Rs 9.53 crore for the corresponding period of the previous year.

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