Visa Steel to set up plants in Chhattisgarh
Visa Steel is setting up a 1.5 million special and stainless steel project in Orissa at a cost of Rs 4,500 crore and planned to put up another special steel project in neighbouring Chhattisgarh.
By PTI |
KOLKATA: Visa Steel is setting up a 1.5 million special and stainless steel project in Orissa at a cost of Rs 4,500 crore and planned to put up another special steel project in neighbouring Chhattisgarh.
The company's first priority was to implement the first phase of the fully integrated 0.5 mt special steel project involving Rs 1,800 crore at Kalinganagar in Orissa, Visa Steel Chairman V Saran said. The company posted a net profit of Rs 20.52 crore during 2006-07.
The first phase the project would include a rolling mill and a 75 MW power plant among other facilities and would be completed next year, he said.
It would take up the work of expanding its capacity to 1.5 mt, which would take another two and half years to complete.
Visa Steel, he said, was keen to take up the project at Chhattisgarh, for which a MoU was signed with the state government.
Visa Steel, he said, has also applied for setting up a 5 mt tonne mild steel plant in Jharkhand.
Turning to financial performance of the company, Saran said Visa Steel's net profit during 2006-07 recorded a growth of 64 per cent compared to previous year.
The company recorded a turnover of around Rs 538 crore in 2006-07 registering an increase of 39 per cent over the previous year.
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