Rashmi Group announces Rs 1,000-cr expansion plans

City-based steel and cement manufacturer Rashmi Group today said it had expansion plans worth Rs 1,000 crore in  the next few years.

"We are implementing a ferro-alloy plant and 18-MW power plant from waste in Jhargram costing Rs 130 crore," the group's flagship company Rashmi Metailks President (Business Development) RC Behera said.

"Apart from it, we propose to set up 1.5 million tonne beneficiation plant, 1.2 million tonne pellet plant and 1.2 million tonne wire rod along with 12 MW power in Kharagpur at an investment of Rs 300 crore in the next one year.

"Another, Rs 500 crore would be invested in manufacturing facilities at Jamuria in Burdwan in the next few years," the company's Director PK Chakrabarti said.

Reportedly in August, Indian Railways had slapped a Rs 660-crore notice on the group for transporting iron ore meant for export by paying domestic freight charges.

"It is a showcause notice from Railways which we are contesting in court. But, this will have no impact on our expansion plans," Behera said reacting on the allegations.