State-owned steel manufacturer Steel Authority of India Ltd (SAIL) is set to embark on a significant expansion, targeting an increase in installed capacity by 15 million tonnes (MT) in the initial phase, according to the company's Chairman, Amarendu Prakash.
Currently boasting a steel-making capacity of approximately 20 million tonnes per annum (MTPA), Prakash confirmed the commencement of expansion efforts. "It has been kicked off. In the first phase, we are expanding it to 35 MT. So, phase 1 is of 15 MT," stated the chairman in response to inquiries about SAIL's expansion plans.
Regarding the timeline and investment specifics for the expansion project, Prakash indicated that the company is actively working on detailed project reports (DPRs), making it challenging to provide concrete figures at this stage. When questioned about the funding model, he emphasized that SAIL intends to utilize a combination of internal accruals and market support to finance the expansion.
"The funding will be a mix of both internal accruals and market. The steel industry is a huge capex-intensive industry. So, we will be in the market for funds," noted Prakash.
Beyond expanding the installed steel-making capacity, SAIL aims to incorporate new technologies and enhance logistics infrastructure for the efficient movement of raw materials and finished products. The company, operating under the Ministry of Steel, manages five integrated and three special steel plants located across various regions in the country.
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