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Jindal to invest $6.3bn in Oman, India expansion

India's second-biggest steelmaker by value, Jindal Steel & Power plans to spend $6.3bn on expanding production at home and in Oman after scrapping a deal to develop a Bolivian iron ore mine, Muscat Daily has reported. The company currently operates the $500m Jindal Shadeed Iron and Steel plant in Sohar, which it inaugurated in May 2011. The plant has the capacity to produce 1.5 million tonnes of hot briquetted iron (HBI) and hot DRI (HDRI) per annum. "We are trying to take the capacity up to 5 million tonnes by 2015-16," D K Saraogi, executive president of Jindal Shadeed and head of Jindal's Oman operations, told the daily.