SAIL to revive Malavika Steels
The first phase of the revival plan with an investment of Rs 100 crores in the sick Malvika Steel that was taken over in 2009 is already on besides some other works, the chairman of SAIL CS Verma said.
Talks are already on with M/S Kobe Steels, Japan for the second phase which includes a 1000 MW gas based power plant with an investment of Rs 2,500 crores and a steel plant based on direct reused iron-making technology that would take some three years to complete, Verma said .
A joint task force team with the Japanese firm has been set up which would submit its report in March 2011, Verma said.
An application for gas allocation has also been moved and once it is granted, other formalities like environment clearance and talks with the state government would start.
Altogether, there would be an investment of Rs 5,000 crores in the second phase, he said, adding that land for the power plant was available and hoped that there would be no problem in getting the help of the state government in this task.
Work for the third phase would also get underway along with the second phase, wherein smaller steel plants would be set up in other parts of Uttar Pradesh, he said.