Commenting on the acquisition worth Rupees 2.07 billion ($51.3 million), Jaiprakash Associates executive chairman Manoj Gaur said they would invest Rupees 1.8 billion ($44.6 million) in the forthcoming 26-28 months to make Malvika Steel into an integrated steel plant with an annual production capacity of one million tons.
With the acquisition of Malvika Steel, which is a brownfield project, Jaiprakash Group aims to produce long steel products used mainly in the construction sector.