IISCO revamp planscaled down

NEW DELHI, June 19: The Indian Iron and Steel Company Limited8217;s Iisco rehabilitation project has been considerably scaled down by the Steel Authority of India Limited SAIL and Tyazhpromexport combine, that plans to update the 75-year-old steelworks.

According to a SAIL release the Iisco revival project cost had been trimmed to Rs 2200 crore from Rs 3486 crore envisaged earlier. Some old facilities of the SAIL subsidiary, like its coke ovens, a blast furnace, oxygen and power plants, a merchant mill and a heavy structural mill will be retain, according to the new scheme. The new facilities proposed to rejuvenate the sick steelworks in West Bengal are a new sinter plant, a blast furnace, three twin hearth furnaces with a ladle refining furnace, a billet caster and a new wire rod mill.

The joint proposal by SAIL and Russian steel consultants Tyazhpromexport, is now awaiting a nod from the Centre. The release says that the Union ministry of finance was believed to have 8220;taken up8221; with the Russian government, the proposal to use the rupee-rouble debt repayment account for the Iisco project.