1 hr ago
Manaksia Steels Plans ₹800 Crore Bengal Steel Expansion
Manaksia Steels makes different kinds of specially treated steel.
It plans to spend ₹800 crore to grow its factory in Haldia, Bengal.
The investment will happen in two phases.
The first phase will cost ₹375 crore and is already underway.
It is expected to be completed by FY28.
This phase will increase the company’s coated, colour-coated and cold-rolled steel capacity.
A second phase will add even more capacity.
The company says being near a major port can help it sell steel in India and abroad.
Bengal’s industries minister also encouraged companies to do more business with African markets.
Manaksia Steels plans to invest ₹800 crore in two phases at Haldia.
The first phase, costing ₹375 crore, is already being implemented and is expected by FY28.
Phase one will expand coated, colour-coated and cold-rolled steel production capacity.
The second phase will add 100,000 tonnes each of coated and cold-rolled steel capacity.
The company cited Bengal’s industry-friendly environment and Haldia’s port access for domestic and export growth.
- Who
- Manaksia Steels, managing director Varun Agrawal, and Industries Minister Tapas Roy.
- What
- Manaksia Steels plans a ₹800 crore, two-phase expansion of its speciality steel capacity.
- Where
- The expansion will take place at Manaksia Steels’ existing facility in Haldia, Bengal.
- When
- The first phase is expected to be commissioned by FY28; the announcement was made on Tuesday.
- Why
- The company cited Bengal’s industry-friendly environment and Haldia’s proximity to a major eastern seaboard port for domestic and export opportunities.
Key facts
- Total investment
- ₹800 crore in two phases
- First-phase investment
- ₹375 crore
- First-phase completion
- Expected commissioning by FY28
- First-phase coated steel addition
- 31,000 tonnes per year
- First-phase colour-coated steel addition
- 90,000 tonnes per year
- First-phase cold-rolled steel addition
- 95,000 tonnes per year
- Second-phase additions
- 100,000 tonnes each of coated and cold-rolled steel, plus 90,000 tonnes of colour-coated steel
Quotes
Varun Agrawal
Managing director of Manaksia Steels
“Being proximate to a major port on the eastern seaboard gives us a genuine platform for both domestic and export markets.”
telegraphindia.com
Sources
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