Billion Dollar Steel Plant For T&T

Hardbeatnews, NEW YORK, N.Y., Fri. Sept. 30, 2005: One of India’s largest corporate entities, The Essar Group, is considering setting up a $1.2bn integrated steel plant in the twin-island Republic of Trinidad and Tobago.

The Group, with an asset base of US$ 4.4 bn and with interests spanning the manufacturing and service sectors of: steel, power, shipping, constructions, oil & gas and telecom, is gearing to set up a pellet plant and a hot briquetted iron facility initially and then move on to manufacturing slabs and hot-rolled coils.

The Economic Times of India quoted an Essar spokesperson as saying the company “is constantly in the process of exploring growth opportunities in India and abroad and that the Trinidad project is one among the options being considered.”

The investment disclosure was made in Trinidad by the Indian High Commissioner to the island, Jagjit Singh Sapra. “The Indian industry is increasingly taking note of the primacy of the economy of Trinidad and Tobago in the Caribbean region,” The Financial Express quoted Sapra as saying. –