Maithan Alloys, the joint venture (JV) of Maithan Group and Rs 850 crore BMA group, is looking at setting up a project in Vizag with an investment of Rs 275 crore and installed capacity of 120000 megavolt amperes (mva).
Sudhanshu Agarwalla, president of Maithon Alloys, said, "We will expand our capacity by starting with a greenfield project in Vizag with an investment of Rs 275 crore, with an installed capacity of 120000 mva. It is slated to be completed by 2011."
The company is also setting up a ferro alloy unit in Meghalaya with capacity of 28000 tonne per annum (tpa), along with a 15 mega watt (mw) power plant with a total investment of Rs 80 crore.
The plant is expected to commence production by the last quarter of this financial year.
In a bid to expand its capacity in West Bengal (WB) and also to meet export demand, the company, in addition to its existing plant in Kalyaneshwari with capacity of 946000tpa, is planning to set up a plant in Haldia.
It has approached the government for land but talks are at a preliminary stage.
Projects will be financed through a mixture of debt and internal accruals.
S C Agarwalla, managing director of Maithon, said the company had acquired a mine in Orissa and was now awaiting environmental clearance to start mining by middle of 2009.
Currently, the company exported 70 per cent of output, mainly to Japan, Taiwan and Europe.
Expected turnover in the present financial year was Rs 940 crore. The company achieved net sales of Rs378 crore in the financial year (FY) 2007-08 and Rs 206 crore in the quarter ended 30 June 2008 with a profit after tax of Rs39.18 crore and RS 31.44 crore respectively.
