Orix Corporation, the multi-billion dollar Japanese conglomerate, has made $20 million investment in a Rs 600 crore steel project being set up by Kolkata-based Maithan group. Maithan is setting up a 4 lakh tonne capacity plant under Maithan Ispat in Duburi, near Bhubaneswar, and will produce structural steel-heavy sections.
The Rs 1,000 crore Maithan group has interests in ferro-alloys, refractories, sponge iron and steel. Maithan group Chairman Basant Kumar Agarwal confirmed the investment. According to the company, structural steel has been commissioned and heavy sections will be commissioned in March. In 2004, the group had signed a memorandum of understanding with the Orissa government, under which captive ore has been assured.
The company is hoping strong demand for its products from oil & gas, manufacturing, infrastructure and real estate sectors and global markets. The group has five manufacturing units in Jharkhand, West Bengal and Meghalaya.
The Rs 1,000 crore Maithan group has interests in ferro-alloys, refractories, sponge iron and steel. Maithan group Chairman Basant Kumar Agarwal confirmed the investment. According to the company, structural steel has been commissioned and heavy sections will be commissioned in March. In 2004, the group had signed a memorandum of understanding with the Orissa government, under which captive ore has been assured.
The company is hoping strong demand for its products from oil & gas, manufacturing, infrastructure and real estate sectors and global markets. The group has five manufacturing units in Jharkhand, West Bengal and Meghalaya.
Source: Business Standard
26th February, 2008