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CHENNAI: Tube Investments of India Ltd, part of the Murugappa group, is setting up an integrated steel plant in Orissa, for which the company signed an agreement with the Orissa Government on Thursday.

The plan is to set up a 3-million-tonnes (mt)-a-year steel plant in two phases, with the first phase involving an investment of Rs 3,500 crore, according to Mr M.A. Alagappan, Chairman, Tube Investments (TI).

In a communication to the stock exchanges, TI said it proposed to promote a separate company to implement the project.

Originally, the company planned to set up a 1.2-mt-a-year hot metal plant and then a 2.5-mt rolling mill.

But at the request of the Orissa Government, it had decided to set up a 3-mt plant, Mr Alagappan said adding that the funding and other details would be worked out.

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