Ranchi, (IANS) Mining conglomerate Vedanta on Friday signed an MoU with the Jharkhand government to set up a steel plant of one million tonnes capacity in the state.

“We will set up the hot iron and ductile iron (DI) pipe plant in the state. The company will invest Rs.15,000 crore to Rs.17,000 crore in the project. We have spotted two locations for the proposed plant,” Vedanta CEO Kishore Kumar told reporters here.

Additional chief secretary (industries) U.P. Singh said: “The proposed plant is likely to create 2,000 to 2,500 jobs. The proposed site for the plant is in Seraikela-Kharsawan district.”

The company needs 390 acres of land. Referring to the issue of land acquisition, Vedanta CEO Kumar said: “We are hopeful that we will set up the plant without any hassle.”

The plant is likely to be functional by 2020-2021.