|Mumbai: Mumbai-based Uttam Galva Steels will set up a 60 MW power plant close to its steel plant at Khopoli, on the outskirts of Mumbai. The 60 MW captive coal fired power plant will be commissioned within 24 months with an investment of Rs 300 crore. |
Funding will be through a mix of debt and equity in the ratio of 2:1. The company has sought coal linkages from the Coal Ministry and the application is pending.
The plant and machinery are a combination of domestic and foreign, said Mr Ankit Miglani, Director (Commercial), adding that it was a major initiative to reduce costs and protect margins. With the increase in demand of steel and the increased efficiency in the production capacity the company is looking at a 30 per cent higher sales target for 2008-09, he said.