Business   

Maithan Alloys plans unit in Andhra Pradesh

KOLKATA: Maithan Alloys, a company engaged in manganese and ferro alloy mining and exports, is planning to invest Rs. 275 crore in setting up a 1.2 lakh tonne capacity ferro alloy unit in Andhra Pradesh.

Subhas Chandra Agarwalla, Managing Director, said at a press conference here on Wednesday that the project would be completed by 2011. The financial closure is expected by March 2009.

He said that at present Maithan Alloys had two plants, one in West Bengal with a capacity of 94,600 tonnes per annum and another in Meghalaya with a 28,000 tonnes capacity. The latter plant will become operational by this year. The BSE-listed company is a joint venture of the Maithan group and the BMW group and its 2007-08 sales turnover stood at Rs. 378 crore. The board of the company, which met on Wednesday, announced its decision to form a subsidiary for taking up and acquiring mines and mineral business. The board also decided to shed the company’s minority stake in Purbanchal Cement based in Guwahati.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Rupee hits psychological 45-mark against dollar
Identifying genuine demand critical for realty developers — Deepak Parekh
Mittal hopes to start work at Indian plants
Maithan Alloys plans unit in Andhra Pradesh
Indian crude basket drops below $100
Agri products exporter Himalayan signs pact with Wal-Mart
Metal stocks hit on weak trend in LME
TVS franchisee chain to sell spare parts
Tata Comm. launches Global CDN service
Vestas opens technology centre in Chennai
Chimes Aviation sets up pilot training academy
Upgraded editing software from Pinnacle
Sony unveils alpha 900
Motorola wins airports contract
German training for Indian executives
Three entrepreneurs get U.K. award
JSW Steel cuts prices by up to Rs. 2,000

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu