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Kohinoor Mandal

Kolkata , May 27

THE Bangladesh taka may soon be manufactured in India. While the stainless steel coin blank will be supplied by Steel Authority of India, the taka coins will be minted by a wing of the Reserve Bank of India.

The Salem Steel Plant, a significant player in the domestic market for production of stainless steel coin blank, has joined hands with the RBI's Calcutta Mint for this purpose.

In fact, Salem Steel and Calcutta Mint have jointly participated in a recent tender floated by the Bangladesh government for production of currency coins.

As Bangladesh does not have a mint, its Government has asked for the supply of currency coins. Salem Steel will supply the steel and Calcutta Mint will mint the currency.

Though the job is yet to be offered to the Salem Steel-Calcutta Mint duo, Mr M. Roy, Executive Director of Salem Steel, appears confident. "Let us see what happens," he told Business Line.

In fact, Salem Steel is already looking at several other countries where it can supply stainless steel coin blanks meant for currency production. The special steel unit is also not ruling out further arrangements with Calcutta Mint in future.

"If a country just requires coin blanks, we will be able to supply it on our own. But, if they need supplies of readymade coins, then we will have to form a partnership with Calcutta Mint. Ultimately, it depends on the requirement of the customer nation," Mr Roy said.

Salem Steel, which even a few years ago was a sick and ailing unit of SAIL, has turned around. The net profit has jumped to Rs 3.48 crore in 2004-05 from Rs 1.94 crore in 2003-04. In the current financial year it is expected to move up further.

A major stainless steel producer, Salem Steel is already exporting to a large number of countries such as China, South Korea, Taiwan, Vietnam, Malaysia, the US, Egypt and Turkey. "Last year, we exported to 19 countries," Mr Roy said.

In the current financial year, the plant hopes to increase its production from 1.8 lakh tonnes per annum to 2.5 lakh tonnes per annum. The capacity expansion will be achieved partly through de-bottlenecking and better raw material management.

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Salem Steel, Calcutta Mint may make Bangladesh taka

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