This new facility will focus on producing high-quality hot rolled coils, targeting grades like API and automotive applications.
The project, pending SAIL's board approval, is expected to be completed within three to four years. This investment aligns with SAIL's strategy to expand its steel production capacity, supporting India's infrastructure and defense projects.
SAIL aims to increase its production capacity from 20 million tonnes/year to 35 million tonnes/year, with plans to add 15 million tonnes/year in phase 1.
The company has announced a broader investment plan of INR 1 trillion to fund this expansion strategy over the next few years, maintaining a debt to equity ratio of 1:1.
As of FY24, SAIL's capital expenditure is INR 55 billion, with INR 21 billion already spent in the first six months of the fiscal year. ISP currently has a crude steel production capacity of 2.6 million tonnes/year and targets a revenue of INR 115-120 billion in FY24.
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