Jai Balaji receives coal blocks in West Bengal |
By e4p Correspondent, Tuesday, July 14, 2009, 11:57 Hrs [IST] |  |
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Category: Coal, Lignite, Coke | Tags: Jai Balaji coal block, coal block Burdwan, Jai Balaji steel plant Raghunathpur | Share:  |
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Jai Balaji Industries has received a coal block at Andal East in Burdwan district of West Bengal for its proposed steel plants. The company has received this coal block along with Bhushan Steel and Kolkata based firm Rashmi.
The coal block is estimated to have reserves of 229.50 million. The exploration work is likely to start shortly.
Jai Balaji is planning to set up a five million tpa steel plant at Raghunathpur in Purulia district of West Bengal on 1,100 acre. The company will use the proposed block for existing 1.1 million tpa steel plant in Durgapur and the greenfield steel plant. Land acquisition is expected to be completed by August 2009.
In Phase I, the company is expected to invest Rs 4,000 crore. Of this, the company is likely to raise Rs 1,500 crore through internal accrual and Qualified Institutional Players and rest through debt.
Source : ProjectsToday
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