Welspun Power to go ahead with expansion

MUMBAI: Welspun Power and Steel, part of Welspun Group, is confident of completing its brownfield expansion in three years. It is in talks with suppliers to bring down the project cost, says Welspun group vice-chairman & managing director BK Goenka.

Welspun Power and Steel had acquired Vikram Ispat from the Aditya Birla Group for over Rs 1,000 crore. The combined annual production capacity is planned to go up from 10 lakh tonne to 17 lakh tonne with an investment of Rs 5,000 crore.

Talking to ET, Mr Goenka said: ���The current downtrend is not going to last for more than 2-3 years and by that time my project will be completed. Moreover, the company is in the process of finalising its financial tie-up with a host of Indian banks and institutions.��� However, he declined to divulge further details and time for financial closure.