Monnet Ispat to increase capacity

BHUBANESWAR: Monnet Ispat and Energy Limited on Friday said it plans to enhance capacity of its proposed steel unit from 0.3 MTPA to 2.5 MTPA and apprised the state government of the same.

The company's managing director Sandeep Jajodia, who met Chief Minister Naveen Patnaik here, told reporters an integrated power project and a small steel unit in Orissa would be set up with an investment of Rs 4,200 crore.

The company had already acquired 450 acre out of its total requirement of nearly 1200 acre at Mangalapur, nearly 30 km from Cuttack, Jajodia said.

He said that the company's proposed 1,000 MW thermal power plant was expected to be commissioned within three years.

"We have already acquired land for the purpose. Construction work for the project would start within 12 months after getting some more land," Jajodia said, adding that the company would sign another MoU with the state government relating to capacity enhancement of its steel unit.

He said the company would first go for the power unit before starting the steel project. He also said that the project cost would certainly increase with enhancement of capacity of the steel unit.