Public sector Steel Authority of India (SAIL) today said it will set up its fifth steel processing unit near Gwalior in Madhya Pradesh at an investment of Rs 83 crore.
The company said the project will have a 100,000 tonnes TMT bar mill, which will convert billets produced at the company’s plant in Bhilai in the neighbouring state of Chhattisgarh.
It is expected to start operations in 18 months, the release said. The steel major plans to set up nine processing units in six states to serve the special needs of customers.
Globally, the steel industry has been actively setting up processing units in recent years, with large steel-makers trying to tap an unorganised market.