Steel Authority of India Limited (SAIL) on Monday laid the foundation of a Thermo mechanically Treated (TMT) bar mill of 150,000 tonne per annum (TPA) capacity at Jagdishpur as part of plans to revive the unit of erstwhile Malvika Steel Ltd (MSL).
SAIL will invest Rs 100 crore in phase one of the revival plan, while in the next phase, it plans to revive iron and steel making for which feasibility report has been prepared. TMT steel is new generation high strength steel having superior properties such as weldability, strength, ductility and tensility to meet international standards. The foundation was laid by Union steel secretary, Atul Chaturvedi and SAIL, chairman C S Verma.
SAIL further plans to set up a gas-based 475 Mw power plant at Jagdishpur as a joint venture and the process for identification of a partner had started.
SAIL had purchased the assets of MSL through Debt Recovery Tribunal in February 2009 and the unit was rechristened Jagdishpur SAIL Unit.The proposed facilities and product-mix envisaged in phase one also include a 10,000 TPA cold forming line and a 13,000 TPA corrugation line, a company release said.