Rs.2,700 crore to be spent on expansion
Vijayanagaram, January 21, 2008The Ferro Alloys Corporation Limited (FACOR), the one of the India’s largest producers and exporters of Ferro alloys is going to expand its integrated plant at a cost of Rs.2,700 crore in Orissa. The company has initiated an ambitious expansion plan of setting up two power planets and Stainless Steel Plant in Orissa for which a consultancy has also been appointed.
The FACOR is planning to set up the power plant for its own consumption. A 45MW coal based captive power plant is to be set up for Bhadrak near Randia of Orissa at a cost of Rs.180 crore. The power plant work is scheduled to be completed by 2009 and the FACTOR group has singed a financial tie-up with Rural Electrical Corporation, New Delhi.
Speaking to media, FACOR Joint Managing Director Ashim Saraf said that due to unbearable power charges, they had decided to set up a captive power plant and also an integrated Stainless Steel Plant. As there is no water to expand the plant along with power plants at Garividi, the management has decided to start its expansion plans in Orissa.
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