BANGALORE, INDIA--June 29, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--Tungabhadra Minerals Private Limited (TMPL) (Hospet, Karnataka) has announced plans to set up a steel plant in Bagalkot in Karnataka with an investment of $6.25 billion. The firm is scouting for a suitable location in the Bagalkot district to set up the plant. The final choice will be made after evaluation of the sites by the company's technical team. The project is estimated to require 36 months for completion after acquisition of 4,000 to 6,000 acres of land. The company plans to invest $2.5 billion in Phase I of the project.