Indian government-run steel producer Steel Authority of India Limited (SAIL) is working on a plan to increase installed capacity by 15 million mt per year in a first phase, adding to its current installed capacity of 20 million mt per year, company chairman Amarendu Prakash said in a statement on Monday, November 20.
“The plan has already been kicked off for us to move to 35 million mt per year in the first phase,” he said.
He, however, said that details on timelines and investments could not be shared now as detailed project reports over various components of the expansion are currently being prepared.
“The funding will be a mix of internal accruals and market borrowings as the steel industry is very capital-intensive, so we will enter the market for funds,” Prakash said.
He said that SAIL will not only expand its installed steelmaking capacity but will also set up new technologies and develop logistics infrastructure for the movement of raw materials and finished products.