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INDIA : Rio Tinto plans for investing $2 billion in India
Publish Date : 07-Mar-2012
Global mining giant Rio Tinto has plans to invest $2 billion in iron ore and diamond mining projects in Madhya Pradesh and Orissa, which is said to be one of the largest foreign direct investments (FDIs) from Australia.
Chief Executive, Iron Ore and Australia, Sam Walsh, revealed that the company is in plans to carry out investment worth $2 billion in the iron ore mining project facilitating supply to Indian and abroad customers. According to him, the company is expected to attain a production of 15,000 million tonnes per annum during the first phase.
The company was also investing in a diamond mining project in Madhya Pradesh.
This investment is said to be the largest in India by any Australian firm. Since April 2000 till December 2011, total FDI from Australia was $486.5 million, accounting to only 0.3 per cent of the country\'s total FDI flows.
Mr. Walsh said, “We will bring the technology and environment safety system. We will obviously be using the local people in the project. This project would be a benchmark for the mining industry in India as far as international standards, safety and technology is concerned.”
