Processing .....please wait.. 
The article has been forwarded.... 
Essar in a $1.1 B deal with Trinidad
By agencies
|
Friday, 09 December 2005, 20:30 IST
MUMBAI: Essar Steel Carribean Ltd has signed an agreement to set up a 2 million ton iron and steel plant in Trinidad and Tobago at a cost of $1.1 billion.
The company is a subsidiary of Essar Global, which in turn is a closely held company of the Ruia family.
Essar Steel has no stake in Essar Global or the Caribbean venture. The agreement, which was signed Monday between representatives of Essar and National Energy Corporation of Trinidad, said that the Indian corporate giant would set up the complex in Point Lisas industrial estate in central Trinidad.
The project, to be spread over two phases will see the setting up of pellet and sponge iron plant in the first stage followed by the steel plant.
This is the second major project by Essar Global. In April, this year, the company had signed a MoU with Qatar Steel Company (QASCO) to set up a 4 million ton steel plant with an investment of $1.25 billion.
According to the agreement, Essar will provide high-grade iron ore pellets, the technology for manufacture and professional management for the Qatar plant. The Trinidad project is expected to generate employment for 5,000 persons during the construction phase and another 1,400 after completion.