Prakash Industries is likely to acquire Nova Iron & Steel which has a 1.5
lakh tonne sponge iron unit in Bilaspur district of Chhattisgarh.
However, valuation details of the acquisition have not been known. According
to sources, the location of the Nova plant is ideal for Prakash. It has two
sponge-iron units each in Champa and Raipur in Chhattisgarh. The unit of Nova
Iron is located in Bilaspur which is in the middle of Champa and Raipur.
The company is in the middle of a massive expansion whereby it plans to
double its sponge iron production to 1.2 million tpa by March 12. It is also
raising its power generating capacity to 775 MW.