Business Daily from THE HINDU group of publications
Saturday, Jan 09, 2010
ePaper | Mobile/PDA Version | Audio | Blogs

Foreign Exchange

Group Sites

Corporate - New Projects
States - Karnataka
Surya Vijayanagar plans steel plant in Karnataka

Nagesh Prabhu

Bangalore, Jan. 9

Surya Vijayanagar Steels and Power Ltd, a subsidiary of Surya Roshni, plans to invest Rs 20,000 crore to establish a five million tonnes per annum (mtpa) integrated steel plant, along with a 500 MW captive power plant in Bagalkot district in north Karnataka.

The group, which is in the steel and lighting business for the last 35 years, would set up the plant on 4,000 acres in Bagalkot district, which has several historical monuments. The company would identify the land and it would be acquired by the Karnataka Industrial Areas Development Board (KIADB), a State government undertaking. The exact location has not yet been finalised, according to officials in the Industries Department.

Jobs for 10,000

The project, which was cleared by the State High-Level Clearance Committee (SHLCC) chaired by the Chief Minister, Mr B.S. Yeddyurappa, would provide employment to 10,000 persons. The company has a turnover of Rs 1,700 crore. It will invest Rs 4,120 crore on land and building, Rs 13,880 crore on plant and machinery, Rs 1,000 crore on working capital margin and Rs 1,000 crore as contingency.

The company, which has applied for the mining lease, would mobilise Rs 6,700 crore from the promoters' contribution and raise term loans of Rs 13,300 crore.

The proposed steel plant would get 15 MGD water from the Ghatapraba and Krishna rivers subject to the approval of the Water Resources Department. The SHLCC has advised the promoters to adopt rain harvesting and to adopt water conservation facilities.

Till the establishment of the 500 MW power plant by the company, the Gulbarga Electricity Supply Company (GESCOM) would supply 90 MW of power. The officials in the Industries Department said that based on the request of the company, the extra concessions could be considered.

More Stories on : New Projects | Steel | Karnataka

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Visaka starts V-panel production

RIL demands probe, criminal case against TV channel
McNally Bharat arm bags Rs 34.9-cr order from Orissa Mining
Sunil Hi Tech bags Rs 487-cr order
Infrastructure bonds for NRIs proposed
Tata Steel arm opens forgings unit
Dhathri plans Rs 100-crore expansion
Surya Vijayanagar plans steel plant in Karnataka
Karnataka to give farmers say in fixing land price for steel project
Indismart expands abroad
KeraSoft, Chaithanya in tie-up
Delphi hopes to double India revenue by 2015
Rayves' seating fabric for Tata car
VW set to bring Polo Cup to India
Vimal Kaushik appointed MD of Maytas Infra

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2010, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line