Kolkata based Concast Group has acquired SPS Steel’s steel plant for Rs 800 crore. The Group has renamed the steel unit as Concast Steel and Power after the takeover.
The steel plant having a capacity of 0.8 million tonne is located at Jharsuguda in Orissa. Concast plans to raise the production capacity at the unit to 1.2 million tonne by infusing Rs 630 crore. Nearly 60 per cent of expansion will be funded by debt and the rest 40 per cent will be equity.