Abhijeet Group expects 100% rise in turnover this fiscal

New Delhi, Nov 25: Abhijeet Group, which has a presence in mining, power, steel, ferro and alloys, said it is optimistic of its turnover soaring to Rs 1,400 crore in the financial year 2007-08.

''We are eyeing a whopping 100 per cent jump in our turnover to Rs 1,400 crore in the current fiscal,'' Group Director Abhishek Jayaswal toldto the sources here. The Group had clocked a turnover of Rs 600 crore during last financial year.

Nagpur-based firm recently signed a 20-year coal mining contract with Australian firm Theiss Leighton Pvt Ltd for developing an opencast mine in Jharkhand entailing a big-ticket investment of Rs 4,500 crore.

The work on the project, which has a capacity of 6.75 million tonnes per annum, will be started early next year.

The Group also said it will invest Rs 22,000 crore on various power projects in Bihar, Maharashtra, Jharkhand and West Bengal to generate 5,000 MW by 2015, besides infusing Rs 40,000 crore to set up three steel plants with production capacity of 10 million tonnes (MT) in Jharkhand, Maharashtra and West Bengal.

UNI