New Delhi: Domestic pig iron maker Tata Metaliks is planning to invest around Rs1,000 crore to build a 0.8 million tonne plant for manufacturing long products in Karnataka and has begun scouting for land in the state.
“On an invitation from the Karnataka Udyog Mitra, Tata Metaliks is seeking to establish a 0.8 MT plant in the state at an estimated investment of about Rs1,000 crore,” a company official told PTI.
The company would require assured iron ore linkage for the proposed plant and land area of about 500 acres. “The state government has indicated to us that it will take care of our raw material needs and we feel encouraged,” he said.
Tata Metaliks was planning to zero in on the site near the iron ore bearing areas of Karnataka and near railway network with adequate water supply.
However, the company’s top brass is likely to take another 3-4 months to finalise the blueprint for the plant.
Tata Metaliks Ltd was incorporated in 1990 and began its commercial production in 1994. It is engaged in the business of manufacturing and selling pig iron and its plants in Kharagpur (West Bengal) and Redi (Maharashtra), have captive power plants.
“The opportunities being explored by the company are further expansion of pig iron business, forward integration into castings (including conversion through partner foundries) and steel, both through greenfield projects as well as merger and acquisition,” he added.