Ispat Ind to invest Rs 1,500 cr in MP

Written by Agencies | Mumbai, October 29: | Updated: Oct 29 2007, 20:50pm hrs
Pramod and Vinod Mittal-promoted Ispat Industries said it would make an investment of Rs 1,500 crore on various projects in Madhya Pradesh pursuant to the allotment of a coal block.

The company has entered into an MoU with Madhya Pradesh Government's MP Trade & Investment Facilitation Corp (MPTIC).

MPTIC is a wholly-owned subsidiary of the state government, the company said in a communique to the Bombay Stock Exchange.

The company would make investments through a special purpose vehicle for setting up the facilities in the state, it said. The facilities would provide employment to about 500 people, the company added.

The facilities set up by the company would include a coke oven battery plant, coal washery and beneficiation plant and a 150-MW pit head power plant.

The company would start with setting up of the facilities after it has obtained all the required approvals for the same, it said.

The company is one of the leading integrated steel makers and the largest private sector producer of hot rolled coils in India. Set up as Nippon Denro Ispat Limited in 1985 by founding chairman M L Mittal, IIL has steadily grown into a Rs 7,000-crore company, the communique stated.

Shares of the company closed at Rs 28.35, up 3.66 per cent, on the BSE.