Board of Maithan Alloys approves setting up new greenfield ferro alloy manufacturing unit

At meeting held on 30 April 2018

The Board of Maithan Alloys at its meeting held on 30 April 2018 has approved to setup a new greenfield Ferro Alloy manufacturing unit in West Bengal with an estimated installed capacity of 1,20,000 MT per annum of ferro alloys.

The existing installed capacity of the Company is 235600 MT per annum of ferro alloys and existing capacity utilization is around 95%. It is proposed to set up the unit within a period of 30 months with an estimated cost of Rs. 275 Crores to be financed from internal accruals of the Company. The rational of setting up of new Greenfield unit is expansion.

The Board has authorised the Executive Directors and Chief Financial Officer of the Company to submit Resolution Plan under Corporate Insolvency Resolution Process for acquiring manufacturing company(ies) under the provisions of The Insolvency and Bankruptcy Code, 2016 and/or by participating in liquidation proceedings.

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