Mumbai: Godawari Power and Ispat, an integrated steel manufacturer will invest Rs1,570 crore for setting up of manufacturing facilities in Chhattisgarh.
“Godawari Power has entered into a Memorandum of Understanding with Chhattisgarh government to this effect,” the company said in a filing to Bombay Stock Exchange.
The total project costs of Rs1,570 crore would involve setting up of plants including a sponge iron, pig iron, steel billets, calcination and iron ore pelletisation plant, the filing said adding that it would also come up with facilities for steel rolled products, power and ferro alloys.
“The project would be implemented through a special purpose vehicle in the name of Krishna Global Mineral Limited, which would be a subsidiary of Godawari Power and Plant,” the company said.
Shares of the company were trading at Rs223.40, up 2.69% in the afternoon trade on BSE.