Ferro Group to spend 2,500 cr on expansion

New Delhi, Aug 6: Ferro Alloys Corporation (FACOR) Group today said it is planning to invest Rs 2,500 crore in a phased manner by 2010 on a major expansion plan.

The expansion plan includes setting up a stainless steel plant of 0.5 million tonnes per annum and a coal-based power plant of 250 MW, as may be decided by the company later.

The company is negotiating for entering into a fresh joint venture agreement with a foreign company for exploration and mining of platinum group of elements in the company's mine in Orissa, said a statement.

For the above purpose, the Group companies are taking shareholders approval in the ensuing AGM for altering objects clause of Memorandum of Association/commencement of new business as well as for making investments.

The above proposals are currently on the Planning Board and may take time, it added.

FACOR Group of companies consist of Ferro Alloys Corporation Ltd (FACOR), FACOR Alloys Ltd (FAL), FACOR Steels Ltd (FSL) and FACOR Power Ltd (FPL).

UNI