Xindia Steels Ltd, the first Chinese-funded steel enterprise in India, laid down its foundation recently.

Founded jointly by China's Xinxing Pipes Group, China Minmetals Corporation and three other Indian companies, Xindia is held 55% by Chinese companies and 45% by its Indian partners. Meanwhile, Xinxing Pipes Group remains Xindia's largest shareholder.

Xindia will set up a steel plant with a 2.5 million-ton annual production capacity. The steel plant will also synthesize a 6 million-ton pellet plant.