National Mineral Development Corporation NMDC, signed a Memorandum of Understanding with a Russian steel giant OJS Severstal In New Delhi today to set up an integrated steel plant in Karnataka.Speaking on the occasion, the Union Steel Minister Mr Veer Bhadra Singh said that the joint venture will further strengthen the bonds of friendship between India and Russia. The Russian Ambassador to India Mr. Alexander M. Kadakin said that the signing of MOU coincides with the 10th anniversary of the Indo-Russian strategic partnership and assumes significance in view of Russian President Dmitry Medvedev's visit to India later this month. The joint venture will also ensure supply of raw material to the proposed steel plant from its captive coking-coal and iron ore subsidiaries in Russia and India. The plant will have an initial capacity of 2 million tonnes, expandable upto 5 million tonnes per annum.