Godawari Power and Ispat Ltd, formerly Ispat Godawari Ltd, has signed a memorandum of understanding (MoU) with the government of Chattisgarh for setting up manufacturing facilities in the state with an investment of Rs 1,570 crore.
The project will be implemented through a special purpose vehicle (SPV) called “Krishna Global Minerals Ltd” which will be a subsidiary of Godawari Power and Ispat Ltd.
Under the project, the company will set up facilities to manufacture sponge and pig iron plants, steel billets, ferroy alloys and calcination plant etc.
For the quarter ended June 2008, the company recorded a 90 per cent increase in net profit at Rs 38 crore, as compared to Rs 20 crore posted in the corresponding quarter previous year.
Total income of the company in the quarter also increased to Rs 322 crore as compared to Rs 170 crore in the corresponding quarter previous financial year.
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