Kolkata, June 3 (IANS) City-based Adhunik Metaliks Ltd (AML) Thursday signed an agreement with the Karnataka government to set up a greenfield steel plant at Deosugur village in Raichur district, the company said in statement here. The company plans to invest Rs.5,568.40 crore in the project. It expects the steel plant to be operational within five years.
The plant will have a capacity to produce 2.2 million tonnes of steel and auto-grade steel per year. It would provide employment to about 5,000 people, directly and indirectly.
AML also plans to set up a 220 MW power plant for captive use.
AML and group companies operate steel plants with a total capacity of 1 million tonnes per annum and are engaged in the production of value added steel, alloy steel and stainless steel products catering to the automobile, engineering and power sectors.