Southern Ispat Ltd has informed that the Board of Directors of the Company at its meeting held on November 26, 2007, has decided to speed up its expansion plans to set up an integrated steel making plant which includes a 4 X 25 MT Induction Furnace capacity, 350,000 TPA TMT/Structural manufacturing plant, 300,000 TPA captive Sponge Iron unit and 50 MW captive Power plant at an investment of Rs 500 Crores.
The Board has resolved and authorized the Managing Director Mr. Vivek Agarwal to go ahead with preparing project report, source the part financing partners say, bankers, Financial Institutions, Merchant Bankers by taking assistance from the Consultants etc. It is further resolved authorizing the Managing Director to negotiate with the suppliers for Power plant, Furnaces, TMT / Structural plants and inform the same in the next Board Meeting.
The Managing Director is informed to approach the Managing Director of KSIDC, Trivandrum and speed up the process and get assistance of Government of Kerala to procure Coal and Iron Ore from Government of Karnataka / Government of Orissa.
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