Kolkata, Aug 25 (IANS) City-based KKN Group has forayed into the steel making, acquiring Balaji Ispat Pvt. Ltd, a top company official said here Wednesday.
‘Fortunes of this (steel) industry is expected to look up, with a revival in demand and prices, strong growth in end user industries such as construction, infrastructure, automobiles,’ Kausshik Kumar Nath, KKN Group managing director, said.
KKN Group is one of the leading players in edible oil sector in eastern India.
‘We have planned to expand further the steel unit, within next three years, for manufacturing of SGCI casting and malleable iron casting, which has tremendous potential in engineering industries, Indian Railways, state electricity boards, wagon builders, automobile industries and other major sectors,’ said Satyabrata Ganguly, chairman, KKN Group.
The company is investing Rs.60 crore for acquisition as well as modernisation and expansion of the existing plant of Balaji Ispat near Dankuni in Hooghly, said Nath.
Balaji Ispat Pvt. Ltd is engaged in manufacturing of mild steel ingot with present production capacity of 72 tonne per day.
KKN Group plans to modernize and expand the manufacturing capacity of mild steel ingot from existing 72 tonnes per day (TPD) to 170 TPD and set up a hot rolling mill and TMT with a manufacturing capacity of 200 TPD.
