India's largest iron ore miner National Mineral Development Corporation (NMDC) and Russian steel major Severstal on Saturday moved a step forward towards setting up a joint venture integrated steel plant in Karnataka with the signing of an implementation protocol that stipulates the size of the plant at 3 million tonnes per annum.
The two companies had signed a memorandum of understanding for setting up a steel plant in India in December 2010.
"It confirms the intention of NMDC and Severstal to fully meet the joint venture's captive requirements of both iron ore and coking coal so that it becomes fully integrated for these primary raw materials," NMDC said in a statement.
The protocol was signed as part of discussions held between Russian minister of industry Viktor Khristenko and an Indian delegation led by steel minister Beni Prasad Verma.
"The Indian steel industry is going to emerge as the 2nd largest in the world and Russia is fully supportive of initiatives by our steel companies to position themselves to supply to the emerging Indian market," said Khristenko.