Visa Steel Ltd will start full production at Phase I of its Orissa special steel plant in October-December, managing director Vishal Agarwal said.
“Parts of Phase I have already started production and it will be completely operational from October-December. The total capacity of the plant after this phase will be 0.5 million tonne,” he said.
The company is setting up a 1 million tonne specialsteel plant at Orissa in two phases. The capex for Phase I of the plant is estimated atRs 2,000 crore.
“We have already invested about Rs 1,400-1,500 crore in Phase I. The rest will be invested as we go forward. We have tied up the funds and there are no plans to raise extra money,” Agarwal said.
“We have not yet estimated the capex we will need for the second phase,” he said.Meanwhile, the company has signed an MoUwith the Chhattisgarh governmentto set up a 2.5 million tonne steel plant in Raigarh district, Agarwal said.
“We are working on the plan, though it is in veryinitial stages right now. We will have a clearer picture by June and by September we should start working on the plan,” he said.
The company has already acquired 250 acres of the 1,000 acres it plans to get for the Chhattisgarh unit.
Comments