Facor to invest Rs 3000 crore in next 3-4 years

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New Delhi, Oct 29 (UNI) Ferro Alloys maker Facor Group today said it will invest about Rs 3,000 crore in the next three-four years for business expansion.

''With the total outlay of Rs 2,500 crore, we plan to set up a greenfield 0.5 million tonnes per annum stainless steel plant and a coal-based 250 MW independent power plant in Orissa,'' Facor Group Chairman&Managing Director R K Saraf told reporters here.

This project will be completed in 36-38 months, he added.

''We will also invest Rs 200 crore to set up a 45 MW capative coal-based power plant in Orissa and it will be commissioned by the next 18 months,'' he said.

The Group also plans to infuse Rs 60 crore for a windmill 12 MW power plant in Tamil Nadu that will be completed by March next year.

''We are setting up a forging unit with Rs 25 crore investment at its existing plant in Nagpur to produce forged bars. The unit is likely to be commissioned by March next year,'' Mr Saraf said.

The Group will fund these 30 percent of investments through equity and the rest by debt, Mr Saraf said.

''We are in talks with many foreign companies for technical collaborations and co-funding the projects,'' he added.

The company exports it product to China, Europe, Taiwan and Korea.

The Facor Group is manufacturer of ferro alloys with an annual production of 1,40,000 tonnes.

It has chrome ore mines at Boula, Kathpal and Osthapal in Orissa.

The group has production facilities in Andhra Pradesh, Maharashtra and Orissa.

UNI

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