Facing year-long delay, the Rs 18,000 crore integrated steel plant of state-owned iron ore miner NMDC, coming up at Nagarnar in Chhattisgarh, is likely to be completed by December.
Facing year-long delay, the Rs 18,000 crore integrated steel plant of state-owned iron ore miner NMDC, coming up at Nagarnar in Chhattisgarh, is likely to be completed by December.
"As per the revised date, it will be completed by December 2017," an official said. "It has been slightly delayed by a year or so."
The 3 million tonne annual capacity plant is likely to reach 50 per cent production level in the first year itself and "at the end of second year it would be 80 per cent plus", the official added.
It will be completed at a time when the steel sector will hopefully pick up on the back of infrastructure growth.
"There is requirement of steel in the country. Steel production grew by 10 per cent in April-January period. We are seeing robust growth picking up in the steel sector. Our consumption is low. Infrastructure projects are coming up so steel will be required," the official added.
NMDC had invested Rs 1,222.65 crore till September 2016 to set up the integrated steel plant.
The company had completed capital expenditure of Rs 1,434.55 crore till September 2016, of which Rs 1,222.65 crore has been invested in Nagarnar steel plant, Rs 17.39 crore on pallet plant at Donimalai, Rs 75 crore in doubling of KK lines, Rs 7.21 crore on Kumarswamy Mine and Rs 4.76 crore in Bailadilla Deposits, the company had earlier said in a presentation.
In June last year, an environment ministry panel gave clearance to a captive iron ore mine in Bastar for the plant.
The plant is expected to start trial production by mid-2017.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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