Business Daily from THE HINDU group of publications
Sunday, Aug 06, 2006
Business Daily from THE HINDU group of publications Sunday, Aug 06, 2006 |
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Corporate
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Mergers & Acquisitions
Our Bureau
Expansion plans Plans have been firmed up to increase hot metal production at the Bokaro plant from 4.5 mtpa at present to seven mtpa by 2012 at an estimated investment of Rs 6,400 crore. r After 2020, when the size of the Indian steel industry touches 00-110 mtpa, Bokaro Steel Plant would set up a five-mtpa greenfield steel project.
Kolkata , Aug. 5 The process of takeover of Bharat Refractories Ltd (BRL) by Steel Authority of India Ltd (SAIL) is expected to be completed within the next 6-12 months, according to Mr V.K. Srivastava, Managing Director of Bokaro Steel Plant. Speaking to newspersons after delivering the inaugural address at the 45th annual general meeting of Indian Refractory Manufacturers' Association (IRMA) here on Saturday, Mr Srivastava said the process of due diligence was over and the process of formal takeover of BRL by SAIL was under process. It would take 6-12 months for completion. Refractories manufactured by BRL are now consumed by steel plants across the country, and 50 per cent of Bokaro Steel Plant's refractrory requirements are met by BRL. Mr Srivastava said plans had been firmed up to increase hot metal production at the Bokaro plant from 4.5 million tonnes per annum (tpa) at present to seven mtpa by 2012 at an estimated investment of Rs 6,400 crore. After 2020, when the size of the Indian steel industry would be 100-110 mtpa, Bokaro Steel Plant would set up a five-mtpa greenfield steel project. Earlier, delivering his inaugural address, he urged refractory manufacturers to focus on quality and invest in R&D with a view to adopting best global practices. He offered to work together with the refractory industry towards this end. "There is a tremendous opportunity that awaits us and it is only appropriate that both steel and refractory industries should grow together," he said. In his address, Mr U.C. Deveshwar, Chairman of IRMA, said the upswing in the steel industry augured well for the refractory industry as well.
Industry production
In 2005-06, the industry's production was estimated to be eight per cent higher than the 2004-05 figure of 10 lakh tonnes. The industry's export earnings in 2005-06 were pegged at Rs 270 crore. "We foresee growth in the next 3-4 years despite pressure on margins and a decline in the specific consumption of refractories by the steel industry," Mr Deveshwar said.
More Stories on : Mergers & Acquisitions | Steel | Steel Authority of India Ltd
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