SIL to set up integrated steel plant in Karnataka,invest Rs 473 cr

Kolkata, Jun 12 (UNI) Surana Industries Limited (SIL) a Chennai based leading steel company, will set up a new Integrated Steel complex at Raichur, Karnataka, at a total investment of Rs.473 crores.

The proposed Raichur steel plant would have capacity to produce 128,000 tonnes of Sponge Iron, 225,000 tonnes of steel melting shop and 2 lakhs tonnes of Rolling Mill annually.

The plant would have 35 MW captive power plant. The Karnataka government has provided total of 300 acres land in Raichur for this project. The new integrated steel complex was being set up to manufacture special steel mainly meant for automotive industries and is expected to be operational in March 2008.

The company has set a target of achieving Rs 900 crore in the current fiscal.

A company release said the annual revenue has been increased to Rs. 777.96 crores, up by more than 23 per cent as compared to Rs 627.56 crores in the last year.

SIL Managing Director Dinesh Surana said, ''The company achieved considerable good results despite various adverse factors. Worldwide steel industry is witnessing an unprecedented steel cycle where the peak is likely to prolong for some more time to come''.

SIL, a part of Rs 2500 crore Chennai based Surana Group, is one of the leading manufacturers of steels with a large market share in Tamil Nadu.

UNI