Business Services Industry
Essar licensed to build steel plant in Indonesia.(CORPORATE NEWS IN BRIEF)
Indonesian Commercial Newsletter, April, 2007
India's steel giant Essar International Co. has secured a licensed from the government to invest around US$ 1 billion in two steel projects in Indonesia, a report said. Essar will build an iron ore processing plant with an annual processing capacity of 2 million tons in Central Kalimantan and a billet processing plant with the same capacity in Cilegon, Bantan.
KB Trivedi, President of PT Essar Indonesia, however, indicated Essar would implement the projects if the government bans exports of iron ore and provide incentives in the form of tax holiday. Essar wants a guarantee of supply of 300 million tons of iron ore over a period of 20 years for its project in Central Kalimantan, Trivedi told Indonesian officials including Metal, Machine, Textile and Multifarious...
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