Indian steel minister Mr Beni Prasad Verma said the final agreement between NMDC and Russian steel major Severstal for jointly setting up a 3 million tonne per annum steel plant in Karnataka would be signed next month, when the Russian prime minister will be visiting India.

Mr Verma who recently came back from Russia told reporters that "The Russian Prime Minister is scheduled to visit India in December. At that time, the final agreement between NMDC and Severstal would be signed for the steel plant.”

India's largest iron ore miner NMDC and Russia's second biggest steel maker Severstal had, in December last year, signed a MoU to form an equal joint venture for setting up a steel plant in Karnataka. During Mr Verma's three day visit to Russia, starting November 8, the two firms signed an 'Implementation Protocol' to take the venture closer to the signing of the final agreement.

(Sourced from ET)