Ispat India Limited planning to set up Induction Furnace Project in Chhattisgarh

Ispat India Limited intends to extend its Siltara induction furnace project in Raipur, Chhattisgarh. The plant's capacity will be increased as a result of the expansion. The project is scheduled to be completed in 2024 and will provide approximately 1,000 employment.The development is part of Ispat India's aim to enhance production capacity and fulfill India's growing steel demand. In addition, the business intends to build a new steel plant in Odisha with a capacity of 2 million TPA.The induction furnace is a type of electric furnace that heats metal via electromagnetic induction. 

It is a multipurpose furnace capable of melting a wide range of metals, including steel, iron, and copper. Induction furnaces use less energy than typical furnaces.The extension of the Ispat India induction furnace project is a significant step forward for India's steel industry. The project would help to increase the steel industry's production capacity and meet India's growing demand for steel. The initiative is also expected to generate employment and stimulate the local economy.Here are some of the key features of the Ispat India Ltd induction furnace expansion project:Location: The project will be located at Siltara, Raipur, Chhattisgarh.

 This is a strategic location as it is close to the raw materials needed for steel production and has good access to transportation networks.Investment: The project is expected to cost Rs.240 crore. This is a major investment and is a sign of the company's commitment to growth.Jobs: The project is expected to create around 1,000 jobs. This is a significant number of jobs and will boost the local economy.The Ispat India Ltd induction furnace expansion project is a major development for the Indian steel industry. The project will help to increase the production capacity of the steel industry and meet the growing demand for steel in India. The project is also expected to create jobs and boost the local economy.

As of September 2023, The project is currently in the stage of being approved currently awaiting approval from the government.

News by Rahul Yeligetti