Ankit Metal to pump Rs 1000 crore on capacity expansion

Ankit Metal to pump Rs 1000 crore on capacity expansion

Kolkata-based Ankit Metal & Power is planning to double the capacity at its existing unit in West Bengal. The company plans to invest Rs 1000 crore in three years to expand capacity to 500,000 tonnes per annum. The expansion includes setting up a new unit of 300,000 tonnes per annum capacity in the eastern state of Jharkhand.

The company has informed that it will soon sign a memorandum of understanding (MoU) for the 3,00,000 tpa Jamshedpur plant, with the Jharkhand government. The company has sought 1000 acres of land for setting up the plant.

The company will raise 70 percent of funds for expansion through debt and the rest through internal accruals.

Recently, the company has invested around Rs 120 crore for the setup of a fully integrated steel plant to produce 1,00,000 ton of rolled products with captive production of sponge iron, billets and power at Jorehira of Bankura district.

Ankit Metal & Power Limited engages in the manufacture and sale of sponge iron, M.S. billets, and re-rolled products with a captive power plant in India. It offers its products to the re-rolling mills, forging units, construction industry and wire drawing units, railways, and engineering industries.

Separately, Ankit Metal is also in a lookout for iron ore and coal mines in Iran and Indonesia. The company has recently acquired a coal mine in Indonesia.

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