By IANS,
Kolkata : Mackeil Ispat and Forging Ltd Wednesday said it has set up a plant with a production capacity of 40,000 tonnes annually at the industrial town of Durgapur in West Bengal for an investment of Rs.200 crore (Rs.2 billion).
The plant will be commissioned by Friday.
“We have funded the Rs.200 crore project through debt and internal accruals and may visit the capital market for a maiden public offering of shares at a later stage to fund the second phase,” company’s chairman P. Chakraborty told reporters.
He said the company plans to set up a steel melting shop of 300,000 tonne a year at Durgapur with an investment of Rs.500 crore by December 2011.
The furnaces that will be used to make the forgings will be fuelled by coal bed methane gas and liquefied petroleum gas sourced from Great Eastern Energy Ltd.