By IANS
Kolkata : Jai Balaji Industries Ltd, a leading steel maker in eastern India, targets to increase its capacity to nine million tonne from the present 1.2 million tonne by 2015.
“We are trying to increase our steel manufacturing capacity to 9 million tonne in next 7-8 years. Of the increased production, 5 million tonne would be added from the upcoming Purulia facility in West Bengal. The rest would be produced in our Jharkhand and Chhattisgarh units,” Jai Balaji Group chairman and managing director Aditya Jajodia told reporters here Thursday.
He said the company has already acquired about 60 aces in Purulia. In next couple of months another 1,400 acres would be handed over by the state government for it to set up a steel plant.
“The first phase of the Rs.160 billion project would be operational within 40 months from the date the land is handed over to us. In the first phase, the company would produce 2 million tonne of steel and 1 million tonne of cement,” he said.
The total land required for the project in Purulia is around 3,800 acres.
Sharing the company’s Oct-Dec quarter result, Jajodia said Jai Balaji Industries Ltd has posted a total income of Rs.3.51 billion and a net profit of Rs.230.3 million, respectively compared to Rs.1.159 billion and Rs.60.9 million in the corresponding period last year.
The total income of the company for the nine months ended Dec 2007 rose to Rs.8.79 billion from Rs.3.65 billion, while net profit advanced by nearly 270 percent to Rs.740.2 million from Rs.200.1 million in the corresponding period previous year.