On Sunday, Industries Minister P.K. Kunhalikutty, inaugurated work on steel rolling mill project of SAIL-SCL Kerala, a joint venture of the Kerala Government and Steel Authority of India Limited (SAIL) at steel complex in Kolathara. The rolling mill being setup at a total project cost of INR 65 crore would produce TMT (Thermo-Mechanical Treatment) steel bars.
In his inaugural address, Mr. Kunhalikutty said the state government had already sanctioned its share of fund for the completion of the joint venture, which would be a boost for the entire industrial sector in Kerala.
He exuded confidence that the SAIL too would be able to release its share on time to support the venture.
The Minister expressed satisfaction over the growth of the small scale and large scale industrial sectors in Kerala. Delivering the presidential address, M.K. Raghavan, MP said that the rolling mill project work was given the green signal by the union government after several years of lobbying by people’s representatives and employees’ unions.
Explaining the benefits of having a rolling mill, K.S. Srinivas, chairman of SAIL-SCL Kerala, said it would help to produce 65,000 MT of TMT steel bars in a year.
“Of the total project cost, 30 per cent will be mobilized jointly by the state government; SAIL and the rest will be sanctioned as loan by the Canara Bank”, Srinivas added.
SAIL has an installed capacity of 1.7 MnT pa for bars & rods. Now its capacity is about to increase in near future with this steel rolling mill project. Not only SAIL is increasing its capacity; RINL, Tata & JSPL are also following the suit.
Sourced
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