Chennai-based ARS Steels and Alloy International will increase their annual steel production capacity to 250,000mt by December 2020, from a current capacity of 180,000mt.
Company chief managing director, Arvind Kumar Bhatia, revealed these expansion plans to local media on the sidelines of a product launch on Dec 11.
The company will achieve this capacity expansion by adding plants in neighbouring states like Andhra Pradesh, Karnataka and Kerala. ARS will invest Rs600mn ($ ) in this expansion which includes ramping up capacity at its facility in Gummidipoondi, Tamil Nadu.
After scaling annual output to 250,000mt by the end of next year, the company expects revenue of around Rs10bn from a current turnover of Rs 5.2bn.
ARS will also commission a 100mw power plant to raise their current capacity from 60mw as it ramps up production.