Latest News | Shakambhari Group Revives Closed Steel Unit in Purulia
Get latest articles and stories on Latest News at LatestLY. City-based steel maker Shakambhari Group on Saturday said it inaugurated a steel plant of Vikash Metal & Power Ltd that had closed down in 2013, in West Bengal's Purulia district.
Kolkata, Mar 26 (PTI) City-based steel maker Shakambhari Group on Saturday said it inaugurated a steel plant of Vikash Metal & Power Ltd that had closed down in 2013, in West Bengal's Purulia district.
The group's subsidiary SPS Steels Rolling Mills had completed the process of acquisition and taken over control of Vikash Metal & Power in October last year.
The steel unit, which was subsequently revived over the next five months with an infusion of Rs 1,000 crore capex, has a captive power plant, sponge iron kilns, a steel melting plant and a rolling mill.
It was inaugurated in the presence of state industry minister Partha Chatterjee.
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“In the last 12 years Shakambhari Group has acquired and revived five sick units and expanded them with modern technology to produce high-quality steel. The plants have been made energy efficient and cost-effective by developing backward integration. The acquisitions are done with a vision of generating consistent employment for locals,” Shakambhari CMD Deepak Kumar Agarwal said in a statement.
The group's steel production capacity has exceeded 7 lakh tonne per annum, and its turnover increased from Rs 2,991 crore in 2019-20 to Rs 6,700 crore in the current fiscal, the statement added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)