Bhushan Steel braces for Rs. 28k-cr Bellary plant

Close on the heels of other steel majors including Arcelor-Mittal and Posco Bhushan Steel finalized plans to set up steel manufacturing plants in Karnataka. It is also planning to set up a mega steel making plant involving an investment of Rs. 28,000 crore in Bellary district.

Sources said that though Karnataka Government has invited company to set up a steel plant in the State but it is currently waiting for a green signal with regard to mine allocation before taking final plunge in this connection. Meanwhile, the State Government has already screened and cleared the company’s application and is waiting for the Bhushan Steel’s technical team to complete the on-going evaluations.

World’s six largest Japanese steel manufacturing firm Sumitomo has already signed a technology transfer agreement and had also expressed intentions to jointly build the proposed 6 million tons steel plant at Asansol area of West Bengal. Sumitomo with unmatchable expertise in manufacturing flat steel sheets largely used in automobile industry has great business potential in India. Automobile sale – especially in small car segment – has witnessed a sudden spurt due to which steel usage has also recorded an upsurge of over 8.5 per cent.