Jindal Steel & Power wins billion $ 2.3  project in Bolivia

The Government of Bolivia has awarded the Mutun iron ore & steel  project worth billion $ 2.3  to the Indian company Jindal Steel & Power Ltd. It contains the largest deposit of iron ore in the world stretching 150 kms long and 900 metres high and located in the eastern town of Puerto Suarez next to the border with Brazil. This is the biggest project ever awarded to an Indian company in Latin America.  In the beginning, other  competitors had included  companies from Brazil, Argentina, China and Mittal Steel, Netherlands.

The decision to award the project to an  Indian private company is significant in the light of  the recent announcement of nationalization of the hydrocarbon sector in Bolivia. It reflects the importance attached by  the present government in Bolivia  to  leap frog  the relationship with India.  Bolivian President Evo Morales who is a native ‘Indian’  has been wanting to visit India even before taking office as President elect.  To see for himself the eco-tech and success of democracy in India, in the face of  unparalleled diversity in ethnicity, religion, languages etc. The Government of Bolivia has also accepted a credit line offer of the Government of India which will bring in projects and exports from India in IT, Railways, agriculture, vehicles, etc.  Bolivia issues within 24 hours visas to Indians. It was one of the few countries which was prepared to co-sponsor the G4 resolution during the last UNGA 2005 on expansion of  UNSC  permanent members.

The Embassy of India in Lima, accredited to Bolivia and  the Honorary Consulate of India in Santa Cruz, Bolivia had been assiduously working for the last two and half years, to raise the profile of India in Bolivia that played a critical role in the awarding of the project to an Indian company.

June 01, 2006