Shri Bajrang Power & Ispat to put up Rs 1,465-crore greenfield steel unit

Raipur-based Shri Bajrang Power & Ispat (SBPIL) will put up a Rs 1,465-crore greenfield steel unit to manufacture 0.5 million tonne per annum (mtpa) hot-rolled coil to feed it newly-commissioned pipe mill. The IPO-bound company may embark on raising capacity of the greenfield unit to one mtpa after the completion of the first phase in the next three years, depending upon the prevailing market condition, sources said. SBPIL has acquired the requisite land in Raipur for the proposed 0.5 mtpa unit, which will produce steel using blast furnace route; but is awaiting other clearances to start construction of the unit.Company is also putting up 50 MW solar power capacity to promote use of green energy in steel making. "ERW pipes is the fastest growing segment in carbon steel pipes space. At present, we buy HRC from others to feed the plant. Once we have our own HRC, it will give us a huge boost to our business and operations," said SBPlL's executive director Anand Goel.