'Land acquisition key to setting up Rs 8,800 cr plant'

KOLKATA: Bhushan Steel, which is investing Rs 8,800 crore to set up a steel unit in West Bengal, has said land acquisition will be a critical factor in the company’s decision to move ahead with its proposed 2 million-tonne steel project.

The company would require nearly 2,500 acres for its proposed facility due to come up near Asansol where it hopes to produce hot rolled coils and plates.

“We are planning an initial capacity of 2 million tonnes (mt). Depending on the progress of the project and market conditions in the 3-5 years, we will firm up plans for the second phase to ramp up capacity. The ideal size would be 5 million tonne,” Bhushan Steel executive director Nittin Johri told ET.

“Land acquisition for our project in West Bengal is currently on. It will be major factor guiding our investment in the state,” Mr Singhal added.