Durgapur, Oct. 25 -- The Steel Authority of India Limited (SAIL) has approved a Rs 1,714-crore expansion and modernisation plan for its Alloy Steels Plant (ASP) in Durgapur, raising hopes of a revival for the unit after years of losses, unsuccessful disinvestment attempts and speculation over its merger.
The Stage-I approval was granted at the 537th SAIL Board meeting. The project is scheduled to be completed within 30 months of receiving Stage-II clearance, senior ASP officials said.
According to the approval communicated by SAIL Director (Projects) B V Jagannath to the Director-in-Charge of Durgapur Steel Plant (DSP), the core expansion project will cost Rs 1,601.94 crore, including a foreign exchange component of Rs 138.24 crore for te...