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MSPL plans mega integrated steel plant in Karnataka

Wednesday, 29 Jun 2005
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MSPL, a Karnataka-based mining and iron ore exports company, has firmed up its plans to implement an integrated steel plant in Koppal district of Karnataka. The state government approved the project earlier this month.

The project, with an estimated investment of Rs.2,296 crore, will comprise a 1.2. million tpa iron ore pelletization unit and a 1.05 million tpa steel plant. The project also involves setting up of a 125 MW captive power plant. The steel plant’s capacity would be scaled to 5 million tpa over five years. Construction work is likely to begin by September 2005.

MSPL will source ore from its own mines in the Hospet-Bellary belt. The company has proposed to raise Rs.1,375 crore as term loans from financial institutions. The promoters would contribute Rs.687 crore out of the total equity component of Rs.966 crore.

The project might use Technorade Technology from Brazil, which eliminates the use of coking coal, it is learnt.

Also See:

Karnataka clears projects worth Rs.14,000 crore (08-Jun-05)

 

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