Mukand Group is planning to invest about Rs 750 crore to up steel-making capacity in south India, in a bid to meet increasing demand from car makers and engineering companies.
According to Rajesh V Shah, co-chairman of Mukand, “This will create an additional four lakh tonnes per annum (ltpa) capacity by 2020.”
An ET report said the plans include Rs 600 crore that will be spent by its subsidiary joint venture — Mukand Sumi Special Steel — to set up a new mill in Karnataka’s Hospet.
“Another Rs 150 crore will be invested into removing bottlenecks at its existing unit as Mukand gears up to cater to growing demand for speciality steels from automotive and engineering clients,” it added.
Image Credit : mukand.com