Godawari Power and Ispat to set up integrated steel plant in Chhattisgarh
Godawari Power and Ispat Limited (GPIL) said that its board of directors has sanctioned the company’s plan for establishing an integrated steel plant in Chhattisgarh.
The steel plant is estimated to cost between INR 3,000 crores and INR 4,000 crores, said Godawari Power and Ispat Limited, which is a flagship company of Hira Group of Industries based in Raipur.
According to Godawari Power and Ispat Limited, the steel plant will have a capacity of producing 1.5-2 million tons of flat products under production-linked incentive scheme (PLI scheme).
Godawari Power and Ispat Limited has started the process of acquiring land for the new steel plant in Chhattisgarh. The company is also working on securing environmental clearances among others for setting up the integrated steel project.
Godawari Power and Ispat to set up integrated steel plant in Chhattisgarh. Photo courtesy of Hands off my tags! Michael Gaida from Pixabay.
In another development, the company’s board gave its nod to an investment of up to INR 70.2 crores for acquiring an additional stake in its associate company Hira Ferro Alloys Limited (HFAL).
Currently, Godawari Power and Ispat Limited has a stake of 48.45% in Hira Ferro Alloys Limited, and following further investment will increase it to 56.45% to make the latter its subsidiary.
Hira Ferro Alloys Limited manufactures ferro alloys. The company is installing a 70MW solar power plant in Rajnandgaon, Chhattisgarh for its captive use with an investment of INR 230 crores.