Online edition of India's National Newspaper
Saturday, Nov 03, 2007
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Online edition of India's National Newspaper Saturday, Nov 03, 2007 ePaper |
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KOLKATA: Jai Balaji Industries, which has announced a Rs. 16,000-crore investment plan for a steel unit in West Bengal, has acquired a sponge iron unit in Jharkhand. Aditya Jajodia, Chairman and Managing Director, said Nilachal Iron and Power Ltd. was a running unit with a capacity to manufacture 1.25 lakh tonnes of sponge iron annually. Company officials said the unlisted company was acquired for Rs. 72 crore and it was now a fully-owned subsidiary of Jai Balaji. “Along with our greenfield ventures, we will continue to look for acquisition opportunities to enable us to grow fast,” Mr. Jajodia said. Jai Balaji has units in West Bengal and Chhattisgarh. It is planning to set up a five-million tonne integrated steel plant using the DRI route in West Bengal along with a three-million tonne cement plant and a 1,215 MW power plant. The project will need about 5,000 acres, including a township and is set to come up at Raghunathpur in the State’s most backward district of Purulia.
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