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Journalism of Courage
Jharkhand-based promoters of Rs 1,000 crore Mahalaxmi group announced investment of Rs 200 cr in its iron and steel units in West Bengal.
The company,which manufacturers TMT bars and stainless steel products,is commissioning its second rolling mill at Howrah. The mill will manufacture 1 lakh tone of TMT bar annually and will produce TMT bars of all sizes.
Besides this,Mahalaxmi’s Asansol unit will be onstream during next three months,manufacturing 20,000 tonne of high grade stainless,the company said.
Announcing the investment,Gopal Agarwal,MD (Mahalaxmi Vinimay) said: Once fully operational,the new stainless unit will push our turnover by an additional Rs 300 crore annually.
The turnover of the unit for the first year is expected to be Rs 200 core which shall be upped in the subsequent year to Rs 30 crore and by the end of the seventh year the projected turnover is expected to touch Rs 700 crore.
The new unit will employ 200 skilled manpower besides another 300 casual labourers .
