Ind Synergy pacts with China's CMGC

New Delhi, Dec 20 (UNI) Ind Synergy Ltd, engaged in steel, power and energy production today said it has tied up with China Metallurgical Group Corporaion (CMGC) for the suppy of sinter plant and blast furnace with a capacity to manufacture four lakh tonnes per annum (TPA) of alloy and special steel.

Besides this, the agreement also included engineering, design and equipment supply.

CMGC will also undertake structural work for the same. The total consideration for the purchase is about 1,77,70,000 dollars.

This is a part of Ind Synergy's expansion programme for steel complex that comprises of an integrated iron and steel plant for production of alloy steel and stainless steel bar and wire rod long products along with alloy steel seamless tube products, adjacent to the existing units in Raigarh district of Chhattisgarh.

Besides, the company will enhance its captive power capacity from 24 MW to 74 MW as part of the expansion programme.

To part finance the project, the company proposes to access the capital market for which it has filed the Draft Red Herring Prospectus (DRHP) with SEBI.

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