Visa Steel to invest Rs.10000 cr in Chhattisgarh

Mineral to metals company, Visa Steel, will be putting up a 2.5 million tonne integrated steel project in Chhattisgarh at a cost of around Rs 10,000 crore. Vishambhar Saran, chairman, Visa Steel said, the technical feasibility report was underway and would be completed by the end of July. Saran was speaking at a press conference to announce the company's results. In the first phase, Visa Steel would set up a one million tonne rolling mill, which would cost Rs 500-600 crore. The full project would be completed over a period of 5-6 years.Vishal Agarwal, managing director, Visa Steel said, the balance would have to be acquired and the full requirement would emerge once the feasibility report was completed. The Chhattisgarh plant would produce long products for the domestic market while the Orissa project would be partly for domestic and export markets. Agarwal said, "Our strategy remains to establish a globally competitive and worldclass integrated facility of special and stainless steel making in Orissa, with captive power generation and backward linkage of raw materials mines." Visa Steel is planning to integrate backwards into mining of iron ore, chrome ore and coal. Iron ore is currently being sourced from Orissa Mining Corporation (OMC) until commencement of its own mining operations. So far, Visa has invested around Rs 1,000 crore in pig iron, coke and ferro chrome projects. Saran said, orders worth Rs 800 crore had been place for further expansion in Orissa. The 3 lakh tonne sponge iron plant with and the power plants were nearing completion. A part of the Patrapada coal block at Talcher with 54 million tonne deposit has been allotted to the company. Visa Steel is also developing a chrome ore deposit through its subsidiary company, Ghotaringa Minerals Ltd. The requirement of coking coal is being imported from Australia.

Source: Business Standard

28th May, 2008

Neyveli Lignite to set up 2000 MW power plant in Orissa

BL reported that Neyveli Lignite Corporation Limited will set up a 2,000 MW coal based power plant in Orissa in a JV holding a majority stake of 51%.Mr S Jayaraman CMD of Neyveli Lignite said that "There was some delay in acquiring land, but we are solving it soon." He added that it would implement a coal based 1,000 MW power plant at Tuticorin. A JV firm by NLC and Tamil Nadu Electricity Board would implement the project.Mr Jayaraman said that "We have tied up with a consortium of banks for INR 2,500. We may go for an additional loan of INR 1,800 crore in 2008."Neyveli Lignite will also set up a mining project in Orissa in partnership with Hindalco and Mahanandi Coalfields.
Source: Steel Guru

29th May, 2008

Ankit Metal to double metals capacity

Ankit Patni, managing director, Ankit Metal & Power, said, "We have huge future expansion plans to double our existing capacity in the West Bengal unit and soon to propagate another vast project in the steel city Jamshedpur". The company has recently invested around Rs 120 crore to set up a fully integrated steel plant to produce one lakh tonne of rolled products with captive production of sponge iron, billets and power at Jorehira of Bankura district.

Prior to the expansion, the company had a sponge iron unit operational since October 2005. Actor Mithun Chakraborty today launched Ankit TMT bars in the city. The product would be channelised through direct marketing to reach the institution directly and the other through retail mode.

Source: Business Standard

16th May, 2008

NTPC, NGRI to set up geo-thermal projects

NTPC Ltd, the country's largest power producer, on Monday said it will set up a geo-thermal based power project in Chhattisgarh in association with National Geo-physical Research Institute. In a filing with the Bombay Stock Exchange, the company said it has signed a memorandum of understanding with Hyderabad-based NGRI for identifying potential sites to set up geo-thermal based power projects in India. "Both the organisations have agreed to associate for formulating a long-term strategy to set up the first geo-thermal based power project in India," the company said. Tattapani in the state of Chhattisgarh has been identified as the first project site, it added. Shares of NTPC closed at Rs 197, down 3.55 per cent, on the BSE today. Geo-thermal power projects utilise heat beneath the earth's surface to generate energy.

Source: The Economic Times

31st March, 2008