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Wednesday, Sep 28, 2005

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Kanishk Steel to merge 2 group cos with itself

Our Bureau

Chennai , Sept. 27

THE Chennai-based Kanishk Steel Industries Ltd has informed the stock exchange of a plan to merge two group companies with itself.

A shareholders meeting of Kanishk Steel members has been called for October 13 to approve the merger of O.P. Steels Ltd and Avanti Oil and Steel Industries Ltd with the company.

Meanwhile, Kanishk has said in a press release that it has just completed its 200 tonnes-per-day sponge iron plant at Gummidipoondi. The company has drawn up plans to set up a 12-MW captive power plant that can run on the waste heat recovered from the sponge iron plant.

The sponge iron plant project was executed at a cost of Rs 24.50 crore and its product will be used as the primary raw material in making construction steel that Kanishk produces.

Mr Ravi Gupta, Chairman and Managing Director, Kanishk Steel, told Business Line today that the sponge iron plant would use iron ore lumps as its raw material.

However, the company was looking at putting up a pelletisation plant that would make furnace-chargeable lumps from cheaper iron ore fines.

Kanishk's steel plant can today produce 60,000 tonnes a year of construction and structural steel, but is close to finalising plans to treble its capacity.

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