DJ reported that India's steel ministry may come out with a new scheme under which it would acquire land and secure the supply of raw materials such as iron ore for companies seeking to set up large plants with at least 10 million tonnes annual production capacity.

Mr Atul Chaturvedi steel secretary told Dow Jones Newswires that "As part of a plan we are looking at, either steel ministry or any of its special companies will acquire land, get mineral linkages and clearances before calling bids from companies to take over the facilities and set up mega steel plants.”

He said the blueprint for the ultra mega steel plants will be based on the lines of the ultra mega power projects in the country, wherein an arm of the federal power ministry does all the spade work before calling in bids from investors.

Mr Chaturvedi said that the steel ministry has sought details from the power ministry regarding the process before finalizing the details.

(Sourced from Dow Jones)