Adhunik Group plans to invest 72 billion rupees in four years to set up steel and cement plants in the eastern state of West Bengal, a senior official said on Monday. It will set up a 1.1 million tonnes per annum integrated steel plant and another 1 million tonnes per annum cement plant in 2,300 acres of land, Manoj Kumar Agarwal, managing director of Adhunik Metaliks, told reporters. The project will also have 1,000 megawatt captive power plant, he said. The project will be implemented by group's unlisted unit Adhunik Corp Ltd, he said. "We will fund the project through mix of debts and internal accruals." Construction of the plant will start next year and start production by 2011, he said. Adhunik Metaliks, the flagship firm of the group, produces alloy steel for the automotive components and forgings industry. It also produces steel TMT bars used in the construction. Shares of Adhunik Metaliks ended up 9.98 percent at 191.20 in a firm Mumbai market.
Source: The Economic Times
Source: The Economic Times
3rd December, 2007