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Corporate Ispat Alloys Limited (CIAL), the flagship company of the Abhijeet group, will procure iron ore from market if the government did not allot iron ore mine block to them, to meet the deadline set for the commissioning of the first phase of the plant.
CIAL had applied for allotment of iron ore mine with the state government and the process of allotting a mine in Bichaburu in West Singhbhum district was on, company sources on Friday said.
“As we are targeting to commission the first phase by this year end, two months ahead of scheduled time set by the company, we would have no option but to procure iron ore from market,” the sources said.
CIAL, which is setting up 270x4 MW and a 660 MW independent power plant at Chandwa in Latehar district, has been allotted coal block in Chitarpur in Latehar but iron ore block was yet to be allotted.
The construction work for 2.5 million tonne integrated steel plant and 280 mw power plants was going on in Totatalwadi and Begnadih, about 50 kms from here, under Kharswan block of Saraikela-Kharswan district.
The company, which will be investing Rs.10,500 crores for the project, will commission the first phase involving 0.75 million tones steel and 60 MW power expectedly by December while the complete project will be commissioned by December 2014.
Asked whether procuring raw material from market would be expensive, the sources said they did not have any option.
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