Financial Daily from THE HINDU group of publications
Wednesday, May 24, 2006
Financial Daily from THE HINDU group of publications Wednesday, May 24, 2006 |
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Corporate
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New Projects Essar group co setting up Rs 1,969-cr plant in Gujarat Our Bureau
Mumbai , May 23 Hazira Plate Mill Ltd, an Essar Group company, is setting up a plate mill at Hazira in Gujarat, to manufacture five-metre width plates at a cost of Rs 1,969 crore. The plant will have a capacity of 1.5 million tonnes per annum. The plate mill is scheduled to be commissioned by the end of 2007. "There are only six international steel companies manufacturing such wide plates. These would be used for ship building and large diameter pipes," a company official said. The technology for the plate mill is being provided by VAI Clecim, France. The plant will produce premium plates that fall in the category of specialty products. This product finds application in varied industries including manufacture of large diameter oil and gas pipelines, ship-building, boiler and pressure vessels, and the construction industry. The project has achieved full financial closure. SBI Capital Markets Ltd and IDBI Capital Market Services Ltd have syndicated the term loan facility. Hazira Plate Mill Ltd is a joint venture between Essar Group of India and Stemcor of the UK with the former holding 76 per cent stake and the rest held by Stemcor.
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