Mumbai: Bhushan Steel Ltd said on Monday it will invest Rs5 billion in a new unit in Chennai.
The unit, with a capacity of 0.5 million tonnes per annum, will be operational by 2010, Nittin Johari, chief financial officer said.
The new unit will be funded through “a mix of internal accruals and debt,” he said.
Bhushan is still in the process of finalising the land for the plant, but Johari said it would be around 60-70 km from Chennai.
Shares in the company traded at Rs717.05, down 0.72% from the previous close in a weak Mumbai market.