Reliance Anil Dhirubhai Ambani Group has proposed to set up a 12 million-ton per annum steel plant in Jharkhand, reports Economic Times.

It is learnt, ADAG group company Reliance Infrastructure will be undertaking the greenfield project and is expected to invest around Rs 400 billion in the venture.

Reliance Infrastructure, formerly known as Reliance Energy, is active in infrastructure, engineering and construction businesses, among others.

Shares of the company closed down Rs 90.35, or 9.72%, at Rs 839. The total volume of shares traded at the BSE was 1,740,509 (Monday).