China Minmetals invests in Indian JV

State-owned metals trader China Minmetals Corp yesterday said it has set up an iron and steel joint venture in India, the first major Chinese investment in the country's steel industry.

The facility, built by China Minmetals with Xinxing Pipes Group and three Indian companies, will have an annual production capacity of 2.5 million tons of steel and 6 million tons of iron ore pellets, a company statement said.

The project's first phase will involve a total investment of $72 million. It will be 55 percent owned by the Chinese companies and 45 percent owned by their Indian partners, the statement said.