Varun Industries plans Rs2,100 crore pig iron plant in Karnataka

by:ChangZeng     2020-05-18
Strive to achieve 100% backward integration within 5 years;
Planning the Rs700 crore investment steel house project;
Find partners in oil and gas exploration.
Varun industries in Mumbai
Headquartered in stainless steel player company, is looking to invest Rs 100 crore to set up a cast iron plant in Karnataka under its broader plan to achieve full backward integration over the next five years.
\"We are planning a 3.
Lakh ton cast iron plant in the barakot area of Karnataka.
Kiran Mehta, chairman and general manager of Varun Industries, said: \"About 500 acres of land has been approved for the project and we are also waiting for permission from iron ore . \".
However, Mehta said that the company will not make any capital expenditures on the Bagalkot project during the current fiscal year, because before the project, there will be a steel apartment project of 60,000 tons per year in Jodhpur, the company already has a steel plate factory with a capacity of 40,000 tpa.
\"This (steel apartment project) is the second step in the backward integration of our steel enterprises and is expected to appear by May 2013.
Once we have the steel plate, we will be completely behind in making stainless steel and related products, \"he said.
Stainless steel is made of steel plate, and steel plate is made of steel plate.
The steel plate is made of cast iron.
The company will have business in the field of cast iron and steel plate manufacturing to achieve 100% of raw material safety.
Mehta said that in the current financial situation, the company plans to invest in Rs700 crore in the upcoming Jodhpur facility, which may extend to the next fiscal year.
Varun is currently producing and exporting nearly 1,800 cookware, kitchenware and household items at the Vasai plant near Mumbai.
The raw materials of the factory are re-supplied by its stainless steel
Rolling Mill in Jodhpur.
The company also sells branded steel products from seven stores across the country under brands such as premium kitchenware.
A company spokesperson said: \"We are focusing on setting up an increasing number of franchisees in shopping malls as we find this to be a more effective way to expand our reach rather than building separate stores.
Varun also focuses on diversifying its business interests
Valuable industries such as oil, gas and mining.
\"We have more than 1,000 oil and gas blocks in Koh Ma and this investment will help the company provide long-term
Short-term valuation, \"said Mehta.
He said the company did not intend to invest heavily in the event;
Instead, it wants to introduce a partner to develop these modules.
\"We are in talks with several companies and with a Hong Kong company in the advanced stage,\" he said . \".
In addition, the company is looking for mining opportunities for uranium and precious gems through its Australian joint venture partner, Cluff Resources.
Mehta said the company is also interested in gold mines in Australia, where it plans to start mining soon.
\"Over the next five years, we see ourselves as a diverse participant, with great interest in oil, gas and mining,\" Mehta said, at the same time, we also have 100% of our core steel business. In addition, the company may also build a steel factory in the future.
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