| Press
Releases |
| Iron ore
slurry pipeline for Hy-Grade Pellets signed.
Construction contract for Rs. 300 crores |
| December 04, 2002 |
|
|
A contract
for construction of an iron ore slurry pipeline from Bailadila
to Vishakhapatnam was signed between Hy-Grade Pellets Ltd,
a Joint Venture of Stemcor of the U.K. and Essar Group
and OAO Stroytransgaz's consortium with Essar Constructions
Ltd.
The 8 million tonne - 267 K.M. pipeline will transport
iron ore in slurry form from Bailadila mines in Chattisgarh
state to Hy-Grade's Pellet plant at Vishakhapatnam replacing
the present rail movement.
In the signing ceremony today,
Mr Leonid V. Bokhanovskiy, First Vice President, OAO Stroytransgaz,
Mr V N Paradkar, Executive Director & CEO, ECL and
Mr. K V Rao, Managing Director, Hy-Grade Pellets Ltd. participated. |
Mr. K V Rao,
Managing Director, Hy-Grade Pellets Ltd said "the
company hopes to save transportation cost of Rs.300 per
tonne with the completion of the project. "OAO Stroytransgaz
will send specialists and supply special machinery / equipment
for the implementation of the pipeline project. Zakhem
Group of Lebanon are the EPC Contractors."
Mr. Matthew
G. Stock, Director, Hy-Grade Pellets Ltd said "The
finalization of the pipe laying contract with OAO Stroytransgaz
will allow the construction to commence in January 2003
and will be completed in 18 months. With the completion
of this project Hy-Grade will emerge as one of the world's
lowest cost producers of high quality D.R. iron ore pellets." |
The Essar Group
founded by the Ruia family is headed by entrepreneur-Industrialist
Shashi Ruia and Vice Chairman Mr Ravi Ruia. Essar, a USD
3.66 billion Corporation, is in core sector businesses
like Telecom, Power, Shipping, Project Construction, Steel
and Oil.
Stemcor of U.K. is a leading international steel
and raw material trading group with offices in over 30
countries.
OAO Stroytransgaz, is one of the biggest Russian
Construction Corporations and world's major pipeline specialist
company, is partnering with Essar Constructions Ltd, a
leading EPC Contractor to execute cross country pipelines
in India and the Middle East. |
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