KIOCL chalks out Rs 3500 crore capex.

MANGLORE. KIOCL Ltd is planning to invest ?3,500 crore in the next 2-3 years. Addressing shareholders at the 43rd annual general meeting on Tuesday, MV Subba Rao, Chairman and Managing Director, said that the company is extensively working for a large size capital investment of ?3,500 crore in core as well as new business sectors during the next 2-3 years.

 

In Mangaluru, KIOCL will be setting up a 2 lakh tonnes per annum ductile iron spun pipe plant and 1.79-lakh tonne coke oven plant and modernise the blast furnace. A public hearing for feedback on the project will be held by the Karnataka State Pollution Control Board (KSPCB) during the second week of October, he said.

 

To use its professional expertise and experience, the company has initiated many revenue generation ventures with various public sector undertakings. KIOCL will be setting up a port-based pellet plant with a capacity of 2 million tonnes per annum on joint-venture basis with RINL of Visakhapatnam. An agreement will be signed in this regard soon, he said.

 

Stating that KIOCL has planned to commence mining operation at Devadari range in Sandur taluk of Ballari district on obtaining the statutory clearances, he said the company will set up a 2 million tonne a year iron ore beneficiation plant and 2 mt iron oxide pelletisation plant on execution of mining lease and preparation of detailed project report.

 

The environment and forest (stage-I) clearances are under process. KSPCB has already completed the public hearing for this project, he said. KIOCL has been making consistent efforts to expand and develop global markets such as Japan, South Korea, Vietnam, Malaysia, Chile in addition to Chinese markets, he said.