Monnet Ispat to increase sponge iron capacity

Monnet Ispat to increase sponge iron capacity

Market sources report that, Monnet Ispat has recently commenced a new project that will increase sponge iron capacity of the plant by 300'000 tons, as well as construction of a new power plant of 45 mega watt capacity in Raipur, India. These projects are expected to cost Rupees 4 billion ($88.4 million). Moreover, Monnet Ispat previously reported that it increased annual capacity of steel to 30'000 tons, ferro alloy unit capacity to 36'000 tons. Monnet Ispat is also currently in talks for take-over of an iron ore mine. In addition to that, the company is in preparation to invest Rupees 2.3 billion ($50.8 million) to increase capacity of sponge iron production at its mill in Raigarh. With these projects, the company will have total annual capacity of 750'000 tons.