Shyam Steel to go ahead for greenfield steel unit
Shyam Steel has decided to go ahead with its proposed greenfield steel unit in West Bengal's Purulia despite a slowdown in steel sector.
By ET Bureau |
Shyam Steel has decided to go ahead with its proposed greenfield steel unit in West Bengal's Purulia despite a slowdown in steel sector.
The company has, however, decided to slash investment in the project's first phase consisting of a 1.1 million tonne (mt) steel unit and a 150 MW power plant from Rs 1600 crore to Rs 1200 crore.
The unit will produce direct reduced iron (DRI) for captive use at Shyam Steel's existing unit in Durgapur where it produces construction grade steel and TMT bars.
The chief minister Mr Buddhadeb Bhattacharjee will lay foundation stone of the project at Raghunathpur in Purulia on February 17. The total investment in the 1.1 mt unit will be Rs 3,600 crore.
The company has, however, decided to slash investment in the project's first phase consisting of a 1.1 million tonne (mt) steel unit and a 150 MW power plant from Rs 1600 crore to Rs 1200 crore.
The unit will produce direct reduced iron (DRI) for captive use at Shyam Steel's existing unit in Durgapur where it produces construction grade steel and TMT bars.
The chief minister Mr Buddhadeb Bhattacharjee will lay foundation stone of the project at Raghunathpur in Purulia on February 17. The total investment in the 1.1 mt unit will be Rs 3,600 crore.
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