Sangam Group's Mahalaxmi TMT starts production

NEW DELHI: Bhilwara-basedSangam Group today said its Rs650-crore steel venture, Mahalaxmi TMT, has started production at its Maharashtra facility.

"The Group has invested close to Rs 500 crore in its new steel venture -- Mahalaxmi TMT. The group has drawn a capex of Rs 650 crore for its new venture," it said in a release.

Sangam is one the largest producers of polyester- viscose dyed yarn in the country and is the flaghip company of the Rs 2,500 crore Sangam Group.

The company said it would produce TMT bars, used in the construction industry, using slit technology which allows a considerable increase in the production of rolling small-sized bars.

Silt is a technology of producing steel bar wherein at least two individual bars rolled at the same time, without re-rolling.

The release said Mahalaxmi TMT is implementing a backward integration project for making sponge iron using low-grade iron ore fines, following the successful commencement of its first unit.

Mahalaxmi has set up a plant at Maharashtra Industrial Development Corpoation, Devali, near Wardha in Maharashtra having an annual production capacity of five lakh tonnes TMT bars, angles and channels.