The ferro alloys plant will come up in Vizag.
Kolkata-based Maithan Alloys Limited is setting up a 120,000-tonnes per annum (tpa) capacity ferro alloys unit in the Andhra Pradesh Special Economic Zone (APSEZ) at Achutapuram in Visakhapatnam district at a cost of Rs 275 crore.
The AP Industrial Infrastructure Corporation (APIIC) has allotted 60 acres of land for the Maithan unit at a cost of Rs 40 lakh an acre. “The construction of the plant will be started next month and is expected to be completed in two years,” company’s managing director, Subhas Chandra Agarwalla, told mediapersons here on Wednesday.
Agarwalla said the project would be funded through debt and internal accruals. It had acquired a manganese ore mine in Orissa recently to meet the raw material requirement of the proposed unit. The company was also looking for acquisition of some more mines in India and abroad.
At present, Maithan has a 94,600 tpa ferro alloys plant in West Bengal. It is also setting up a 28,000-tpa plant in Meghalaya, which is expected to commence commercial production during the fourth quarter of the current financial year. The Meghalaya unit also has a 15-Mw captive power plant.
According to Maithan president Sudhanshu Agarwalla, the company is expected to post a revenue of Rs 800 crore this year as against Rs 385 crore last year. Its revenue stood at Rs 414 crore during the first six months of the current financial year. Its exports has grown from 54 per cent of the total turnover in 2007-08 to 75 per cent at present.
APIIC chairman and managing director BP Acharya said 11 projects, involving a combined investment of about Rs 54,000 crore, were coming up in the multi-product APSEZ. The projects included the proposed Rs 38,000-crore refinery by HPCL and Rs 14,000 crore solar fab unit by the Vellanki group. The projects were expected to provide employment to 25,000 people.
