Mumbai, June 2 (UNI) Hyderabad-based Sujana Metal Products Limited (SMPL) today announced its plan to invest Rs 1,600 crore for acquisition of three steel units and establishment of a sponge iron and billet plant.
The Company has planned to invest Rs 800 crore in the first phase by the end of 2008. A similar amount would be invested in the second phase expansion, by the end of 2010, that includes establishment of a sponge iron unit and a billet casting plant besides expansion and modernisation of the existing units, Sujana Group Director V S R Murthy told mediapersons here.
The funds would be raised through a mix of promoters contribution, debt and internal accruals, he said.
SMPL had already acquired three units -- Saritha Steels, Glade Steels and Sree Ganga Steels -- located at Visakhapatnam, Hyderabad and Chennai, respectively.
The Company would complete the formalities for acquiring two more units in Hyderabad and Chennai within a couple of months, Mr Murthy added.
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