Public sector steel major Steel Authority of India Ltd (SAIL) on Monday announced its plans to invest Rs. 100 crore to revive its steel unit at Jagdishpur in Uttar Pradesh. Formerly known as Malvika Steel, the defunct unit was acquired last year for Rs. 209 crore and rechristened as Jagdishpur SAIL Unit (JSU).
“The total cost of JSU's Phase-1 revival has been estimated to be Rs. 100 crore,” SAIL said in a statement here on the occasion of a stone laying ceremony for a steel (TMT bar) mill there.
As part of the revival plan, SAIL is to set up a 1.50 lakh tonnes per annum (tpa) TMT bar unit at a cost of Rs. 46 crore to manufacture items required by infrastructure and construction companies.
“The entire team of JSU has to work with exemplary dedication, zeal and commitment to fulfil the objectives of acquiring the unit,” Steel Secretary Atul Chaturvedi said while laying the foundation for the mill along with SAIL Chairman C. S. Verma.
“The proposed facilities and product-mix envisaged in Phase-1 also include a 10,000 tpa cold forming line and a 13,000 tpa corrugation line,” SAIL said in its statement.
