Australian mining major Rio Tinto is planning to invest around $2 billion (Rs 9,886 crore) in setting up a major iron ore mining project in Orissa. The investment, largest so far by the miner in India, would help it establish a strong foothold in the country’s mining space.
“It is a $2-billion project. We expect ramping up the project’s capacity quickly to 15 million tonnes per annum (mtpa) to cater to clients ,” Sam Walsh, chief executive of Rio Tinto’s iron ore division said during a press conference.