Kolkata-based Adhunik Metaliks will be investing Rs 5,568 crore in setting up a 2.2 million tonne steel plant in Karnataka.
The company has signed a memorandum of understanding to this effect and the location would be Deosur village in Raichur district.
The 2.2-million tonne steel and auto-grade steel plant would provide employment to 5,000 people, directly and indirectly. A 220Mw power plant for captive use is also part of the project.
This would be Adhunik Metaliks’ second steel plant in the country. The Karnataka project is expected to be operational over the next five years.
The group operates steel plants with a total capacity of one million tonne per annum and is engaged in the production of value-added steel, alloy steel and stainless steel products catering to the automobile, engineering and power sectors.
In a statement, Manoj Kumar Agarwal, managing director of Adhunik Metaliks, said, “We are expanding our footprint geographically and strengthening our portfolio. We have begun the land acquisition process, engineering and the plant is expected to start operations within five years.”