 "Sesa Sterlite to increase its production by 12% at Tuticorin")
Post expansion, the plant would be one of the largest copper smelting plants in Asia.
It may be noted total capacity of the plant is four lakhs tonne per annum. The company also planning to invest Rs 3300 crore to double its capacity and hopes to take up the expansion project by end of this year.
P Ramnath, CEO of the copper business at Sesa Sterlite said that Prime Minister Narendra Modi's program to turn India into a global manufacturing hub would require spending billions of dollars to add roads, ports and power projects.
He hoped that the stimulus programme will create copper demand for all of these projects.
The Reserve Bank of India's move to cut interest rates was also expected to stimulate the real-estate market and the Government has promised to light up every single home in the nation of 1.25 billion people, and spend about $137 billion to upgrade the nation's rail network over the next five years, all of which is music to the ears of companies such as Sesa Sterlite.
The company expects copper demand to go up to as much as 7% in the next fiscal year from about 4% this year.