| Ispat Industries today announced that it would invest Rs 2,000 crore to scale up capacity to 5 million tonne a year (mty) from the existing 3 mty at its integrated steel plant in Dolvi in Maharashtra. The expansion is expected to be over in one-and-a-half years.
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| A memorandum of understanding was signed today with the state government in this regard at Nagpur.
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| A second blast furnace, a coke oven plant and a new slab caster will be added to the existing facility in the project.
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| Ispat Industries managing director Vinod Mittal said the company would further increase the capacity to 10 mty in 2011-12.
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| The Pramod and Vinod Mittal-controlled steel company has so far invested Rs 10,000 crore in the Dolvi unit.
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| The Maharashtra government will also facilitate the company’s requirement of iron ore mines while the Maharashtra Industrial Development Corporation will act as a single window clearance agency for various infrastructure requirements of the expansion project.
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| Mittal said the company was open to setting up manufacturing units in other states if it would get assured mining rights.
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| The Ispat group operates and manages about 14 mt of steel-making capacity in various parts of the world, including 3.5 mty in India.
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| The group operates and manages steel-making and processing capacities through ownership, long-term concessions or commercial contracts in Bulgaria (2.2 mt), Nigeria (Delta Steel and Ajaokuta Steel Company 4 mt combined), Libya (1.8 mt), The Philippines (3 mt) and India (3.5 mt). |
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