In 2007, India's third largest steel manufacturer, Jindal Steel and Power Limited, signed a contract with the Bolivian government to exploit the El Mutún iron ore deposit. According to the contract, Jindal would invest US$ 1.5 billion initially and an additional US$ 2.5 billion over the next eight years. This is the single largest investment by an Indian firm in Latin America. By September 2011, Jindal had obtained clearance for the project from the EIA and had hired an engineering consultant for FEED work. The project is expected to create 6,000 jobs directly and another 15,000 indirectly.