Electrosteel Castings to invest Rs 4.4 billion

Electrosteel Castings to invest Rs 4.4 billion

Indian company Electrosteel Castings Ltd is reportedly planning to invest Rupees 4.4 billion ($95 million) for the next three years to expand its existing businesses and to take part in new projects like power and coke oven. Rupees 2.5 billion ($54 million) is planned to be used for the expansion of the company's pipe unit in West Bengal. With the planned investment, the company aims to increase its production capacity from 200'000 tons to 550'000 tons by 2006-2007. The remaining Rupees 1.9 billion ($41million) will be used to establish a coke oven and a thermal power plant in Haldia.