City-based Shyam Group today announced investment plans of close to Rs 10,000 crore in West Bengal's Burdwan district to set up a 1.1 million ton integrated steel plant and 1000 mw power plant. “We have signed a memorandum of agreement (MoA) with West Bengal Industrial Development Corporation (WBIDC), the state's nodal agency, for the steel and power plant at Jamuria near Asansol,” Shyam Group vice-chairman and managing director, Mr B Bhushan told reporters here today. “We would require 1,500 acres of land for the project and out of it, 35-40 per cent of land is with the government. We will begin the project by mid-2009 as it would be implemented in phases,” he said. Asked about financing the project, Mr Bhushan said that in the first phase, the investment would be Rs 2,000 crore and it would be funded through internal accruals and fresh capital to be raised via public offer and private placement.
Source: The Statesman
4th February, 2008