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Manufacturing sector gets new investments proposals in Odisha

Wed, 05th Aug 2015 (Source:The New Indian Express)

Indian Oil Corpn Ltd plans to set up a pet coke gasification plant with an investment of Rs.150 billion in the Petroleum, Chemicals and Petrochemical Investment Region (PCPIR) hub being established at Paradip in Odisha. IOCL is the anchor tenant in this hub and is in process of setting up its refinery.

The company also plans to invest another Rs.90 billion for establishing a paraxylene purified terephthalic acid (PTA) plant at the same location. The project, expected to be commissioned by 2020, will have an annual capacity of 1 million tonnes (mt). At present, the company is undertaking feasibility study for the project.

Odisha based steel maker Mideast Integrated Steels Ltd (Mesco Steel) has announced a two phase expansion plan worth Rs.10 billion for Maithan Ispat, a company that it acquired in March 2015. Commissioning of the revamped project is scheduled for July 2017. Mesco Steel in first phase, will invest Rs.3 billion to add an electric arc furnace of 50 tonne, a billet castor of the same capacity and a rolling mill. Two DRI kilns of 500 tonne per day capacity each will also be added. A consortium of nine banks led by State Bank of India (SBI) has approved a loan of Rs.1.7 billion while Mesco will invest Rs.1.30 billion as equity. In its second phase, capacity of the existing power plant will be increased from 30 mw to 90 mw. This phase envisages an investment of Rs.7 billion, to be met from internal accruals and credit from equipment suppliers.

 

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