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Jalaram Alloy Steel intends to establish a new steel fabrication facility in Kagal, Kolhapur, Maharashtra. The project is estimated to cost approximately 55 Crores and will employ approximately one thousand individuals. The facility will be capable of producing 100,000 tonnes of steel castings per year.
The castings will be utilized in a variety of industries, including the automotive, construction, and engineering industries. Cast steel covers 2.97 acres. It is anticipated that the project will be concluded by the end of 2026. Jalaram Alloy Steel is India's leading producer of alloy steels. The organization has facilities in Gujarat and Maharashtra. The new steel castings initiative is part of the company's strategy to diversify its product line and meet the increasing demand for steel castings in India.
The endeavor is funded with a combination of debt and equity. A consortium of banks, headed by the State Bank of India, is orchestrating the debt financing. The equity financing is supplied by Jalaram Alloy Steel's founders. Jalaram Alloy Steel is making a substantial investment in its new steel castings initiative. The initiative is anticipated to boost the company's growth and help it become a market leader in India for steel castings. Here are some additional details about the project: The project will be located in an industrial area in Kagal, Kolhapur. The plant will have a captive power plant to meet its energy requirements. The plant will use the latest technology for steel casting. The project is expected to generate direct and indirect employment for around 1,000 people.
As of September 2023, The project is currently in the stage of being approved currently awaiting approval from the government.
News by Rahul Yeligetti
