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Sujana plans new units

HYDERABAD: Sujana Metal Products Ltd. (SMPL), part of the Rs. 3,000-crore diversified Sujana Group, will invest Rs. 800 crore by June 2010 on the establishment of a sponge iron and billet plants in Chennai and Hyderabad, apart from expansion and modernisation of the existing units.

Addressing a press conference here on Friday, Y. S. Chowdary, Chairman, Sujana Group, said Rs. 200 crore would be spent on the three lakh-tonne Chennai plant, Rs. 170 crore on the 2.5 lakh-tonne Hyderabad plant, Rs. 100 crore on modernisation and expansion and Rs. 330 crore would be earmarked for working capital needs.

While Rs. 470 crore would be raised through loans, Rs. 130 crore would come from internal accruals.

The balance Rs. 200 crore would be promoter’s contribution.

The company acquired three steel units — Saritha Steels in Visakhapatnam, Glade Steels in Hyderabad and Sree Ganga Steels in Chennai. The company proposed to invest Rs. 180 crore for acquisition and expansion of these plants.

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