Mumbai, Sep 10:
The work on the first phase of Tata Steel’s Kalinganagar project in Odisha, entailing an investment of the Rs 25,164 crore, is in full swing and operations are likely to commence in the last quarter of 2014.
According to an internal document of Tata Steel Odisha project, “phase I of the Kalinganagar project is to be commissioned by the last quarter of 2014.”
As per the company, the plant is the largest ongoing single-location investment with a committed investment of Rs 20,011 crore as of June 2013 for the 3-million tonnes first phase.
This is the first integrated greenfield project for the company outside Jamshedpur in its over a century-old history.
“Expenditure incurred till the June quarter in the project stands at Rs 9,941 crore,” according to the document.
The 6-million tonne project is divided into two units of 3-mt each and will produce flat steel products for the automobile industry.
The document said the company will invest Rs 25,164 crore in building up the first phase of the project.
Tata Steel had reported 26 per cent jump in domestic sales at 2.005 million tonne in the first quarter of this fiscal. Similarly, production of saleable steel also increased 23 per cent to touch at 2.145 million tonne during the June quarter. (PTI)