Southern Ispat signs MoU with KSIDC for new steel plant

Southern Ispat Ltd has announced that the Company has signed a Memorandum of Understanding (MOU) with Kerala State Industrial Development Corporation Ltd (KSIDC) for its enthusiastic Rs 500.00 Crores integrated steel plant project having a Capacity of 1000 MT Sponge Iron, 800 MT Steel Billets, 50 MW Power by waste heat recovery and Structural TMT Bar and Rolling Mill.

Further the Company has informed that, the Board of Directors of the Company has approved the project at its meeting held on September 18, 2006 and as per the schedule the MOU was signed at the Investors Meet on September 23, 2006.

KSIDC, which is the prime Government of Kerala Agency for promoting and facilitating major projects in the state will extend its entire range of assistance to the project. The project is proposed at Kuthuparamba in Kannur District.

Source : Equity Bulls

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