Indian pig iron, billet and pellet producer Ramsarup Industries Limited, which has been lying closed for the last 10 years, will be revived and resume operations under new owners, following a bankruptcy resolution process, company sources said on Tuesday, May 17.
The company’s takeover by Shyam Metalics and Energy Limited has been approved by the Indian Supreme Court and Ramsarup’s operations will resume following a fresh infusion of an estimated capital of $40 million, the sources said.
“A technical team will evaluate the condition of each unit and draw up plans. However, the investment will certainly be higher than what had been projected in the resolution plan,” an official at Shyam Metalics said.
Ramsarup has steelmaking facilities in the eastern state of West Bengal, which include a blast furnace, a pellet plant, pig iron and billet plants, along with a dedicated railway siding.