Howrah News Service -  Latest news and headlines on Howrah,West Bengal and World: Shyam SEL to invest Rs.99 bn in West Bengal

Shyam SEL to invest Rs.99 bn in West Bengal
================================================================================
editor on 05 February, 2008 02:29:00
 
Kolkata, Feb 5 (IANS) Shyam SEL Limited (SSL), the flagship company of Shyam
Group of Industries, signed a Memorandum of Agreement (MoA) with the West Bengal
Industrial Development Corporation (WBIDC) Monday to set up a 1.1 million tonne
integrated steel and 1000 MW captive power plant.
"The unit will start its operation from the middle of 2009 with an investment
of Rs.20 billion ($511 million) in the first phase," B. Bhushan, vice-chairman
and managing director of Shyam Group, told reporters here.
He said the entire project, to be set up at Jamuria in Burdwan district of West
Bengal, will come up on 1,500 acres of land in phases with a total investment of
around Rs.99 billion ($2.5 billion).
"We expect around 40 percent of the total land, which belongs to the state
government, to be handed over to us in the next four months," Bhushan said.
Once the plant becomes operational, it will generate employment opportunities
for over 4,000 people, he added.
"We expect to complete the project within 42 months from the date of handover
of the land," he said.
Shyam Group is one of the manufacturing-based companies in the eastern region
with an yearly turnover of Rs.25.billion ($639 million). The group is already
into the business of producing stainless steel, auto steel & special steel,
ductile iron pipe, power transmission structure steel and carbon special alloys.
Shyam group has established its presence in different sectors across the region
by setting up biomass power plant in Burdwan, hydel power project in Siliguri,
construction steel facility in Howrah district of West Bengal.
Apart from this, the company is also engaged in developing a deep-sea port near
Puri in Orissa in a joint venture with Century Plyboards with an investment of
Rs.20 billion ($511 million).
IANS