A part of OPG Group, Kanishk Steel Industries Ltd, took over an eight-year-old 1.5 lakh T steel re-rolling plant from Lamifer,Italy.Ravi Gupta, chairman and managing director,Kanishka Steel Industries Ltd,said the company plans to relocate the purchased plant to India and set it up at Mayiladuthurai, Tamil Nadu.Kanishk already gas a bilet plant, at Mayiladuthurai, whose production will go into steel making.Kanishk purchased the Italian plant for Rs 16 crore, but the total cost of the project would be in the region of Rs 52 crore
Arvind Gupta,managing director, OPG Energy Pvt Ltd, a subsidiary of Kanishk Steel, said the project would be completed by 2006.Kanishk is also setting up a 10-MW waste heat recovery project at its plant at Gummidipoondi,near Chennai,where it produces 60,000 tonne of sponge iron. In the first six months of the current year,Kanishk Steel achieved a turnover of Rs 118 crore and a net profit of Rs 3 crore, compared with the turnover of Rs 88 crore and net profit of Rs 3 crore, compared with the turnover of Rs 88 crore and net profit of Rs 1.2 crore in the first half of the last year. |
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| Posted : 2/2/2006 |
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