Steel Exchange signs up for expansion project.

Steel Exchange India Limited has inked a memorandum of understanding with Andhra Pradesh Government for expansion of its steel plant in Vizianagaram district of Andhra Pradesh.

Part of the Vizag Profiles Group, Steel Exchange, entered into a memorandum during the CII Partnership Summit. Bandi Satish Kumar, Chairman and Managing Director, SEIL and Kartikeya Misra, Director of Industries, Government of Andhra Pradesh, signed the MoU.

The understanding outlines SEIL’s move for expansion of steel plant from 0.25MT to 1.25 MT at Sreerampuram Village in L.Kota Mandal, Vizianagaram district, with an investment of Rs 7,937 crore, in two phases with potential to generate 1,500 new jobs.

Vizag Profiles, the flagship company of the Group, also committed to direct investment in setting up of warehouses and cold chain warehouse in Srikakulam to Nellore coastline based on the land allotment by the State. This involves an investment of Rs. 500 crore.

Steel Exchange was incorporated as a 100 per cent subsidiary of Pyxis Tecnnologies and later acquired Simhadri Steels, a company with a rolling mill and ingot manufacturing unit. Steel Exchange and Simhadri Steels were merged with Pyxis Technologies and then became Steel Exchange India Limited. In 2008, the company joined as a strategic investor in the rehabilitation of GSAL (India) Ltd, a sick company referred to the BIFR, having a sponge iron unit with a capacity of 220,000 million tonnes per annum.

Later it developed downstream units, a 240,000 MTPA billet unit and 225,000 MTPA rolling mill in 2010. GSAL was later merged with Steel Exchange India Limited. With the setting up of the 60 MW power plant, the company has become an integrated steel manufacturing hub.


HBL