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Varun Industries to sell heavy minerals from Madagascar to India

Friday 22nd Jul 2011 148

New Delhi : NEW DELHI: Stainless steel maker Varun Industries on Friday said it will build a heavy minerals processing plant in Madagascar at an estimated cost of Rs 300 crore and sell the entire output to a public sector company, under Department of Atomic Energy (DEA).

The company, which recently discovered huge reserves of heavy minerals, including rare earth elements, plans to produce 5,00,000 tonnes of heavy mineral concentrates in Madagascar per year.

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