VISA to tap hot metal in March

The Kolkata based VISA Industries Ltd, which is setting up a steel plant in the Kalinga Nagar Industrial complex in Jajpur district of Orissa is all set to commission its blast furnace in March.

The tapping hot metal will be done at least two months ahead of schedule, according to Vishal Agarwal, managing director of the company.

"A 250 cubic mtr furnace like ours normally takes 14 to 16 months to set up. However, we have set it up in 12 months", he said. A stamp charged coke oven plant will also be operational by the end of March, he added.

The company signed a memorandum of understanding with the state government for the plant in December 2003 and got physical possession of the land in February 2004. It started piling work in April. Heating of the chimney started in January 2005, Agarwal said.

The proposed 1.5 million tonne per annum integrated steel plant is being set up in three phases.

The total project will be completed by 2010 and entail an investment of Rs 1,600 crore. When complete, it will provide direct and indirect employment to 5,000 people.

The first phase, to be completed by March 2006 at a cost of Rs 400 crore, will involve setting up facilities for 2.25 lakh tonnes of pig iron, four lakh tonnes of LAM coke, 50,000 tonnes of ferrochrome, three lakh tonnes of sponge iron, 40 MW power and five lakh tonnes of steel. The project has a debt equity ratio of 65:35.