Investment worth Rupees 10 billion from HPGL

Investment worth Rupees 10 billion from HPGL

Recent news in the market reveals that located in Vizag, India, Hy Grade Pellets Ltd (HGPL), which is a joint venture between Stemcor and Essar Steel, is planning to invest Rupees 10 billion (approx. $227 million) for expansion. As a part of investment plan, pellet capacity of the mill will be doubled. Moreover, the mill will produce direct reduction (DR) grade of iron ore pellets to expand the range of its customers. Besides, the mill will establish a slurry pipeline, which is scheduled to be completed in October 2004.