Hyderabad, Oct 15 (UNI) Leading manufacturer and exporter of Manganese Alloys in India, Kolkata-based Maithan Alloy Limited (MAL), will set up a new 72 MVA Ferro Alloy unit in the Achutapuram Special Economic Zone (APSEZ) in Vishakapatnam district with 1.2 lakh tonnes per annum (TPA) capacity at an estimated project cost of Rs 275 crore.
''We will be completing the project within 21-24 months,'' MAL Managing Director Subhas Chandra Agarwall said here today.
The project, planned over 60 acres in APSEZ, will leverage initially the MAL's newly acquired Manganese units in Orissa but will depend on importing around 60 per cent high grade ore from Australia, South Africa and other countries. It also plans to acquire mines from abroad.
Work of the project was likely to start by the end of this year.
It would provide employment to 1000 people, he added.
The company plans to fund the new unit from its internal accruals for the equity portion and is likely to access external commercial borrowings for debt portion.
The company is already in talks with Arcellor-Mittal, Nippon Steel, Posco and other steel manufacturers for supplying its product which is a crucial component for making flat and coils, needed in making of the white goods.
Mr Subhas Chandra Agarwall said the expected turnover of the company in the present financial year was Rs 800 crore. The export has grown from 54 per cent of the total turnover in the financial year 07-08 to 75 per cent of total turnover in financial year 08-09.
''Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has allotted the requisite land within a very short period of time and has facilitated availability of infrastructure facilities like water and power supply. They have also been requested by the company to facilitate allotment of Manganese Ore mines,'' MAL President Sudhanshu Agarwall said.
The company has two plants -- one at West Bengal with a capacity of 94600 TPA and another at Meghalaya with a capacity of 28000 TPA, which was likely to be operational by December 2008 with a captive 15 MW thermal power plant, he added.
UNI DB MDG 1738