Date:29/03/2006 URL: http://www.thehindu.com/2006/03/29/stories/2006032903241800.htm

Business

Godawari Power to expand capacity

Corporate Reporter

CHENNAI: Godawari Power and Ispat, profit making company engaged in the manufacture of sponge iron, steel billets, ferro alloys and wire drawing, has come out with a public issue of 86.95 lakh equity shares of Rs. 10 each. The price band has been fixed at Rs. 70 to 81. The issue has opened for subscription on March 28 and will be closing on April 4.

The funds are required to part finance the second phase of capacity expansion by setting up another unit near its existing unit located at the Siltara Industrial Estate, near Rajpur in Chhattisgarh State. Addressing presspersons here, on Tuesday, B. L. Agarwal, Managing Director, said the company was producing 2.35 lakh tonnes of sponge iron, 2.50 lakh tonnes of steel billets, 16,500 tonnes of ferro alloys and 36,000 tonnes of wire drawing annually. Besides it has captive power generation capacity of 28 MW. The project envisages an increase in capacities of sponge iron by 2.6 lakh tonnes and steel billets by 1.5 lakh tonnes. The company is also planning to establish a 25-MW captive power plant using waste heat flue gases. The plant is entitled for carbon credit under the Kyoto Protocol, he said.