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Construction and Alloy steel maker,Magnum Steel Ltd, plans to set up a Rs 212-crore Greenfield wire rod and long products plant, in Chattisgarh. The company has already acquired around 36 acres of land and plans to acquire a total of around 500 acres within the next six months. I C Jindal, chairman and MD ,Magnum Steel Ltd, said the company has already signed a memorandum of understanding with a Chinese firm for equipment and technology. The proposed plant, expected to go on-stream in 2006, will have one melting shop, rolling mill, pellet, and sponge iron plants. The company manufactures spring steel, flats, CTD bars, and alloy steel rounds. It has five rolling mills in Madhya Pradesh and three other group companies, which supply raw material to Magnum Steel. The group has a turn over of around Rs 300 crore out of which, Magnum Steel, accounts for around Rs 150 crore. |
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| Posted : 10/28/2005 |
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