Essar ties-up with Stemcor for Rs1,695cr plant

 The mill is capable of producing 5-metre width plates. "These are currently produced only by 6 international steel companies. The plant will have a capacity of 1.5 million tonnes per annum. The technology for the plate mill is being provided by VAI Clecim, France. The plant will produce premium plates that fall in the category of specialty products," an official release by the company said.

This product finds application in varied industries including manufacture of
large diameter oil and gas pipelines, ship-building, boiler and pressure
vessels, and the construction industry. It is a totally import-substitute
product.

The project has achieved full financial closure. SBI Capital Markets and
IDBI Capital Market Services have syndicated the term loan facility. The
plate mill is scheduled to be commissioned by the end of 2007, the release said.

The Essar group is one of India's largest corporate houses with interests
spanning the manufacturing and service sectors like steel, oil & gas, power, telecom and BPO, shipping and construction. The group has an asset base of over Rs 23, 000 crore and employs over 15,000 people.