Mesco Steel Group is planning to
invest $2.8 billion (over Rs.1,000 crore) to expand its existing steel making
capacity and set up a greenfield project in Jajpur district of Orissa. The two
projects together is expected to take the total capacity to 6.5 million tpa.
Mesco, which owns Mideast Integrated
Steel (MISL), will enhance its existing pig iron plant into a 3.5 million tpa
steel plant, with an investment of $1.2 billion.
The greenfield steel plant, to be
spread over 800 acres of land, is likely to be finalised by April 2008. The
company will invest in $1.5-1.6 billion through joint venture route for the
proposed plant and will be implemented by Mesco Kalinga Steel.
Both these projects is expected to be
completed by 2010-11.