VISA Steel to invest in Orissa plant

VISA Steel to invest in Orissa plant

Indian steelmaker VISA Steel Ltd announced plans to invest Rupees 11.4 billion ($250 million) in its proposed 1.5 million ton-steel plant in the state of Orissa within next two years in an effort to start commercial production at the plant by December 2007. The company has already invested Rupees 2.5 billion ($54 million) in the proposed plant. The proposed plant will be constructed in two phases. With the completion of the first stage, the plant will have a production capacity of 500'000 tons. Sources indicate that the proposed plant will be in an advantageous position in terms of raw material supply due to its proximity to the raw material sources.