Shree Uttam Steel and Power (USPL), promoted by Miglani family has acquired the environmental clearance for its integrated steel plant project in Sindhudurg district of Maharashtra.
The project is a joint venture between USPL and South Korean steel giant POSCO, with USPL having 80% stake in equity and remaining 20% stake with POSCO. The project is likely to spread across land of 1,850 acres and the total estimated investment involved in the same is INR 13,196 crore.
The company has planned to raise its proposed production capacity of steel plant from 1.5 MTPA to 3 MTPA.While its captive power plant capacity will be increased from 2×50 MW to 3×50 MW respectively.
As per market sources, the green signal has been given to the project against the backdrop of certain conditions which involves installation of 24*7 air monitoring devices to monitor air emission, recycling of coke and coal fines, and development of green belt covering 33% of existing project area.
In Feb’14, USPL announced its plans to set up an integrated steel plant in Sindhudurg district of Maharashtra. In Aug’15, the company joined hands with POSCO for the same project which promised to bring its patented Finex technology for the first time in India through this project.
This technology enabled use of lower grade iron ore and reduces dependence on high-grade ore. Also the chosen area of the project is barely 80kms from Goa port which will allows easy access to the iron ore, a key raw material for steel manufacturers.
Leave a Reply