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Also, Paje said that the produce should not be for export as the opening up of the "Yolanda Avenue" to SSM black sand mining is to encourage entrepreneurs to establish iron processing plant in the area.
Stemcor, controlled by the Oppenheimer family, has hired US investment bank Goldman Sachs Group Inc (NYSE:GS) to seek a buyer for the Indian operations, including an iron ore mine and iron processing facilities in the state of Odisha.
India's third largest producer of the metal, JSW Steel, rival Jindal Steel and Power and two others are in the race to buy Stemcor's iron ore mine and iron processing facilities.
This comes as good news to Taiwanese makers in the steel and iron processing sector, especially fastener makers, who together exported around 38% of their total output to the U.