Adhunik Metaliks arms to invest Rs 3,350 cr

Adhunik Metaliks (AML) subsidiaries Orissa Manganese & Minerals and Adhunik Power & Natural Resources will jointly invest Rs 3,350 crore in mining and power business over the next two years, a top company official said today.     

Orissa Manganese, a 100 per cent subsidiary, would invest Rs 700 crore for iron ore benefaction and pelletisation plant at Jharkhand, besides a 30 MW power plant for ferro alloys facility in Orissa, Adhunik Metaliks Managing Director Manoj K Agarwal said.     

The company had tied up Rs 400 debt, while the remaining Rs 300 crore would be raised from a mixture of internal accruals, private equity or an IPO, he told reporters here.     

Regarding Adhunik Power, where AML has 94 per cent stake, Agarwal said the company was setting up a 540 Mw power plant at Jamshedpur in the first phase with an investment of Rs 2,650 crore.     

He said while the company had tied up a debt of Rs 2,000 crore, the remaining Rs 600 crore would be funded from private equity  And internal accruals.     

AML is a major OEM supplier of alloy steels to most of the automobile companies in the country, he said.