FACOR to expand; 2000 cr to be invested

Vizianagaram (Andhra Pradesh), May 5: Ferro Alloys Corporation (FACOR) group of companies is embarking on a massive expansion plan, with an investment of Rs 2,000 crore by 2010.

Company sources said today that the investment would be made for foraying into the integrated steel and power sectors. Most of the projects would be based in neighbouring Orissa. Projects in the pipeline include a 250 MW power plant, 0.5 million tonne stainless steel plant and exploration and mining of platinum group deposits at Baula mines of Orissa.

The company's Garividi unit, which was in crisis, was now putting up a good show. With the steel industry witnessing a boom, FACOR was gearing up to meet the demand by increasing production of ferro alloys such as high carbon ferrochrome, low carbon ferrochrome, silicochrome, magnesium ferro silicon and ferro manganese, used as raw materials by steel plants. The company was exporting ferroalloys to 30 countries.

UNI