Odisha plant to be ready by early FY14: Tata Steel

Private steel producer Tata Steel is hopeful of completing the first phase of its greenfield project at Kalinganagar in Odisha by the early part of the next fiscal. “We hope that the first phase will be completed by the early part of FY14,” Tata Steel Managing Director HM Nerurkar said. The 6-million tonnes (mt) project in Odisha, which has a total project cost of Rs 23,000 crore, will be completed in phases. While the 3-mt first phase is likely to be operational by the early part of next fiscal, the second phase with a similar capacity will be commissioned by FY15, he added. Tata Steel Chief financial officer Koushik Chatterjee said the company has a capex plan of $2.5 billion in the current fiscal, mainly on account of Odisha project. Source : PTI