Action Ispat and Power on Thursday announced that it is looking forward to expand its steel capacity in Orissa to about 2.5 million tonnes (MT) a year over the next three years, reports Business Line. It also has plans to set up a new plant on the West Coast.
“We are setting up a rolling mill by the end of this financial year, which should expand our capacity to 0.5 mtpa,” said Navneet Agarwal, CEO of Action Ispat and Power.
The company is mulling over investing Rs Rs 1,000 crore for its immediate expansion. This will be funded through internal accruals and bank credit. Action Ispat had already invested about Rs 1,000 crore in the steel plant, which mainly produces billets and long products like rebars and structurals.
The Orissa government has allotted iron ore linkages to Action Ispat. The company hopes to secure all clearances over the next two to three years for the same. It currently operates a 37 MW power plant and expects to commission another 90 MW by the end of this quarter.
At present, Action Ispat operates a 0.25 MT per annum steel plant at Jharsuguda in Orissa.