City steelmaker Shakambhari Group announced on Saturday that it has inaugurated a steel plant of Vikash Metal & Power Ltd which closed in 2013, in Purulia district in West Bengal.
The group’s subsidiary, SPS Steels Rolling Mills, finalized the acquisition process and took control of Vikash Metal & Power last October.
The steel unit, which was then relaunched over the next five months with an infusion of Rs 1,000 crore capex, has a captive power plant, sponge furnaces, a steel smelter and a rolling mill.
It was inaugurated in the presence of Industry Minister Partha Chatterjee.
“Over the past 12 years, Shakambhari Group has acquired and revived five sick units and developed them with modern technology to produce high quality steel. The factories have been made energy efficient and cost effective by developing the upstream integration. Acquisitions are made with a vision of generating constant employment for the locals,” Shakambhari CMD Deepak Kumar Agarwal said in a statement.
The group’s steel production capacity has exceeded 7 lakh tonnes per year and its revenue has increased from Rs 2,991 crore in 2019-20 to Rs 6,700 crore in the current financial year, adds the press release.
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