Board approves greenfield steel plant, Rs 450 crore investment in Chhattisgarh
VRAJ · price
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Vraj Iron and Steel board approved setting up a Greenfield Integrated Steel Plant in Bastar, Chhattisgarh, including takeover of the project land from promoter Gopal Sponge and Power. Phase 1 capacity: 201,000 TPA Sponge Iron, 201,000 TPA MS Billet, plus 15 MW WHRB and 15 MW CFBC power. Estimated investment is about Rs 450 crores inclusive of GST, funded via Rs 150 crore internal accruals and equity and Rs 300 crore debt. Project expected to commission within 30 months of ground breaking. Existing capacity is 235,500 TPA Sponge Iron and 210,600 TPA Billet.
Sharp capacity expansion signals growth ambitions but adds Rs 300 crore of debt; execution and returns likely 2-3 years away.