Mesco on expansion spree
R. SURYAMURTHY
STEEL WILL
Kalinganagar (Orissa), Feb. 5: Mesco Steel Group plans to invest $2.8 billion in expanding its steel making capacity to 10 million tonnes (mt) by 2014.
It also plans to foray into wire rods, steel rebars and slabs to cater to the booming infrastructure segment.
Mesco Steel will invest around $1.2 billion in Mideast Integrated Steels Ltd to turn Mideast’s pig iron plant into a steel facility of 3.5mt capacity.
It has an 88.5 per cent stake in Mideast.
Mesco Steel managing director Rita Singh said another $1.6 billion would be invested in the other group company, Mesco Kalinga Steel Limited, to set up a 3mt steel plant in the first phase, which could be later expanded to 5mt.
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