• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Port Info

• Ships in Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• The Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Hyderabad , June 18

MSP Steel & Power Ltd, part of the Kolkata-based Rs 287-crore MSP Group, expects to complete its ongoing expansion and modernisation project by September.

Addressing reporters here, its directors, Mr Saket Agrawal and Mr Manish Agrawal, said the company had taken up a Rs 124-crore project in view of the increasing demand for sponge iron.

The project envisages the setting up of a 1.92-lakh tonnes per annum (tpa) sponge iron plant, a 24-megawatt (mw) captive power plant, a 95,109-tpa steel melt shop with a billet caster and a 80,000-tpa re-rolling mill with a thermex plant. It also includes a coal washery of 5.76-lakh tpa and a private railway siding to enhance the economic strength of the project, the directors said. The first phase of the project that includes a sponge iron kiln was completed by November last year and the company has reported a turnover of Rs 35 crore and a net profit of Rs 4 crore for the fiscal ended March 2005. The balance portion of the expansion-cum-modernisation project is currently at an advanced stage of erection and would be commissioned by September.

To part finance the project, the company is coming out with an initial public offering of 1.6 crore equity shares of Rs 10 each for cash at par to raise funds to the tune of Rs 16 crore.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Accord at Reliance
Mukesh gets oil, petrochem; telecom, energy for Anil

Copyright © 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line