Tata Metaliks aims Rs1,000 crore biz
The Economic Times — July 13, 2007

Pig iron maker Tata Metaliks Ltd (TML) on Friday expressed hope to cross the Rs1,000-crore mark with a 30-per cent increase in production during the current fiscal.

The company will hopefully cross Rs1,000-crore turnover mark this year based on the proposed capacity enhancement of 30 per cent and expectations of stable price for pig iron during the year, its chairman T Mukherjee said on the sidelines of the AGM here.

The company achieved a turnover of Rs781.75 crore in 2006-07.

"The installed capacity will go up to 6,50,000 tonne of foundry grade pig iron, but actual production during the year is likely to be 5,50,000 tonne," TML managing director Harsh K Jha said.

The installation of the third furnace, built at a cost of Rs31 crore at the Redi plant in Maharashtra, will increase the installed production capacity to 6.5 lakh tonne, he said.

The company had taken over the Redi plant in 2006 at a cost Rs115 crore.

It will also introduce hot blast stoves in blast furnaces which will provide carbon credit trading opportunity worth Rs 6-7 crore over a span of 10 years, Jha said.

Tata Metaliks was also attempting to acquire iron ore and coalmines in Maharashtra, Orissa and Jharkhand.

A breakthrough on the matter is likely to be announced in 2007-08, it said.

Meanwhile, acquisition of 300-acre land at Kharagpur for a mini steel plant is yet to be completed, Mukherjee said.