CHANDIGARH:
Secondary steel maker Nalagarh Steel Rolling Mills Private Ltd will set up a new
steel rolling facility in Himachal Pradesh, with an investment of Rs 25 crore.
"The new facility, which will
be soon set up, will enable us to meet the emerging requirement for steel from
the industries of Haryana, Chandigarh and some parts of Punjab," Nalagarh Steel
Rolling Mills Managing Director Ravinder Bansal told reporters here today.
With the setting up of this
new plant, the company expects over 70 per cent jump in its total turnover at Rs
300 crore in 2008-09 from Rs 175 crore in 2007-08.
The company manufactures TMT
steel bars and sell it under the brand of 'DevBhumi' and this would be the
second such facility at Nalagarh.
"Presently, the demand for the
steel is 7,500 tons per month against our total production capacity of 6,000
tons per month. With the commissioning of new plant, the total manufacturing
capacity of the company would reach 9,000 metric tons per month," he said.
In addition to it, the new
facility will also facilitate the increasing requirement of steel from state
government bodies.
The company
has bagged orders from Jammu and Kashmir government for the supply of steel for
their stores requirement, company's General Manager Rajender Sharma said.
So far, the company has
invested close to Rs 70 crore in its steel business, which also involves three
induction furnaces and one rolling mill at Himachal Pradesh.
"The quantum leap of over 50
crore in turnover in just one year coupled with the fact that demand of TMT and
TOR grade steel manufactured by company, including the recently introduced
structurals like angles and channels have increased manifold in the market have
led us to boost our capacity," he said.