India’s Mahalakshmi Profiles Limited (MPL) will invest an estimated $31 million to set up a production facility for coated/plated alloy steel products, a company statement said on Monday, March 20.
The company said that the plant would have an installed capacity of 200,000 mt per year and be commissioned by 2024, in the southern state of Andhra Pradesh.
The project follows an agreement with the ministry of steel as it will be covered under the government’s Production Linked Investment (PLI) Scheme whereby investors will be eligible for fiscal incentives for creating new capacities of special grade steel products.