“We have acquired 10 acre of land in Visakhapatnam for manufacturing of new products including monolithics and precast shapes. In two phases Rs 50 crore capex will be deployed. The Kandla expansion and debottlenecking of Odisha units will entail an investment of Rs 10 crore each,” official sources told PTI.
“The Rs 30 crore first phase of the Vizag project is expected to be completed in Q2FY22 and phase 2 is expected to be completed by Q2FY23 where Rs 20 crore will be pumped in,” officials said.
The Kandla and Odisha capex will also be completed by FY23.
The company is a strong player in both domestic and the international markets for refractory products. It expects in the coming years, steel demand will recover firmly, both in the developed and developing economies, supported by pent-up demand and governments’ recovery programmes.