Electrosteel Castings to set up an MVA submerged arc furnace
Shital Jibhe / 04 Aug 2017
The Board of Directors of Electrosteel Castings green-lit on Thursday the setting up of an MVA submerged arc furnace along with 4.5 MW power plant at Haldia, Purba Medinipur, West Bengal.
The Board of Directors of Electrosteel Castings green-lit on Thursday the setting up of an MVA submerged arc furnace along with 4.5 MW power plant at Haldia, Purba Medinipur, West Bengal.
The new line of business belongs to the ferro alloy sector and entails an investment of approximately Rs 61.64 crore. This plant is expected to provide the benefits of using captive power which is generated from waste heat accumulating from the existing manufacturing facility for production of ferro alloys. The surplus production from its ferro alloy plant, after captive use, is proposed to be sold in the open market.
However, the stock was trading lower by 4.60% at Rs 28 per share on the BSE at 0921 hours. It opened at Rs 29.20 per share.
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