A top official of KIOCL Ltd said the company is planning to invest Rs 3,500 crore in the next 2-3 years. A Central public sector undertaking, KIOCL functions under the Union Ministry of Steel.
Speaking at the 43rd annual general meeting, MV Subba Rao, Chairman and Managing Director, said that the company is extensively working for a large size capital investment of Rs 3,500 crore in core as well as new business sectors during the next 2-3 years.
KIOCL will be setting up a 2 lakh tonnes per annum ductile iron spun pipe plant in Mangaluru and 1.79-lakh tonne coke oven plant and modernise the blast furnace.
He added that a public hearing for feedback on the project will be held by the Karnataka State Pollution Control Board (KSPCB) during the second week of October.
Rao informed that KIOCL will be setting up a port-based pellet plant with a capacity of 2 million tonnes per annum on joint-venture basis with RINL of Visakhapatnam.
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