India's Baldota Group has announced to invest about US$6.2 billion to build a 10.5 million-tonne-a-year greenfield steel plant in the southern state of Karnataka.

The Baldota group said in a statement that they will hold a groundbreaking ceremony next month and the investment will be made in phases. It will take about two-and-a-half to three years to become fully operational.

The Baldota Group is a leader in mineral exploration, mining, industrial gas, pellet production, wind power, shipping and waste management products.