Lloyds Metals and Steel is set to invest over Rs 40,000 crore in Maharashtra's Gadchiroli district over the next five years to establish a steel plant and related units.
Managing Director B Prabhakaran stated that Rs 5,000 crore has already been invested, with plans to develop a Rs 15,000 crore beneficiation plant of 45 million tonnes per annum capacity, and a Rs 22,000 crore steel plant boasting 4.5 million tonne capacity. The company aims to generate around 30,000 employment opportunities through this expansion.
The company intends to fund the expansion through internal accruals and may raise additional capital if required. Last year, it raised over Rs 4,000 crore via a qualified institutional placement. Chief Minister Devendra Fadnavis, also the district’s Guardian Minister, inaugurated a 90-km pipeline and a pellet plant earlier this week.