Surana Industries forms JV with Malaysian firm
Steel manufacturer Surana Industries on Wednesday said it will form a joint venture with Malaysia-based Agate Group for mining coal in Indonesia.
By PTI |
CHENNAI: Steel manufacturer Surana Industries on Wednesday said it will form a joint venture with Malaysia-based Agate Group for mining coal in Indonesia.
The company would pick up 49 per cent stake in the joint venture company for Rs 40 crore, Surana Industries Managing Director Dinesh Surana said.
The coal mined would be shipped to India for use in the Surana Industries integrated steel complex coming up at Raichur in Karnataka at a cost of Rs 473 crore, he said.
The integrated complex would have a sponge iron plant to manufacture 1.28 lakh tonnes of steel, a steel melting shop to produce 2.25 lakh tonnes and a rolling mill to produce 2 lakh tonnes of steel (all per annum),he said, adding a captive power plant to generate 35 MW of power would also come up at the plant.
The company would pick up 49 per cent stake in the joint venture company for Rs 40 crore, Surana Industries Managing Director Dinesh Surana said.
The coal mined would be shipped to India for use in the Surana Industries integrated steel complex coming up at Raichur in Karnataka at a cost of Rs 473 crore, he said.
The integrated complex would have a sponge iron plant to manufacture 1.28 lakh tonnes of steel, a steel melting shop to produce 2.25 lakh tonnes and a rolling mill to produce 2 lakh tonnes of steel (all per annum),he said, adding a captive power plant to generate 35 MW of power would also come up at the plant.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
