India-based MS Agarwal Foundries (MASF) plan to set up an advanced steel plant at Mantralayam, Andhra Pradesh. The company aims to expand its annual capacity to 250,000mt by H2 FY2021, according to local media.
The company has entered a memorandum of understanding (MoU) with the Andhra Pradesh government for commissioning of the project which will entail an investment of Rs12bn ($161.63mn).
The company said that the steel plant will be ready for production by the second half (H2) of FY2021. The company’s current annual production capacity is 150,000mt.
The company has three factories spread across Andhra Pradesh and Telangana with state-of-the-art manufacturing facilities. It produces high-grade billets, sponge iron, round bars, sheets, binding wire, etc.
($1 = Rs74.2438)