Shakambhari Ispat and Power Ltd, which had recently taken control of SPS Steels Rolling Mills — the makers of ‘Elegant Steel and TMT bars’, is now looking to augment production capacity and market the brand across India.
According to Deepak Kumar Agarwal, CMD, Shakambhari Group of Industries, SPS Steel’s annual production, which had dwindled to 96,000 tonnes per annum, has increased to close to 1.75 lakh tonnes post takeover. Plans are afoot to increase the production capacity further to 2.25-2.5 lakh tonnes in 2020-21.
“We plan to invest close to ₹150 crore in the coming fiscal on expansion which will include a steel melting shop that will help us reach around 3 lakh tonnes per annum from the current 1.75 lakh tonnes. We have taken serious measures for modernisation of the plant and are in negotiation for foreign collaborations for technology upgradation,” he said.
