Maithan Alloys launches ₹600-cr expansion

Maithan Alloys has decided to invest around ₹600 crore on both organic and inorganic expansions in the immediate future, said Director and CEO, Subodh Agarwalla, adding that plans are afoot to set up a 1,20,000 ton unit at Bankura, about 206 km from Kolkata at a cost of ₹270 crore. The company manufactures Ferro Manganese, Silico Manganese and Ferro Silicon at its plants at Kalyaneshwari (West Bengal), Visakhapatnam (Andhra Pradesh) and Ri-Bhoi (Meghalaya) with a combined capacity of 2,25,000 tons per annum and a capacity utilization of over 90 per cent. In addition, it would explore brownfield expansion at its Kalyaneshwari unit or a greenfield project at Vizag in AP. The growing steel demand across the globe continues to be a key driver for ferro alloys, which serves as an intermediary product in steel manufacturing. The increasing crude steel output will continue to drive demand for ferro alloys as Maithan holds around 8 per cent share in the market, which is estimated to be close to 2.5 million ton per annum, said Agarwalla.