It is reported that Adhunik Metaliks signed a memorandum of understanding with the government of Karnataka to set up a green field steel plant at Deosugur village in Raichur district.

The report said that the plant will have a total capacity to produce 2.2 million tonnes of steel and auto grade steel per annum and will be providing employment to about 5000 persons directly and indirectly. It also plans to set up a 220 MW power plant for captive purpose.

The company plans to invest INR 55.68 billion in this project. Adhunik Metaliks expects the steel plant to be operational within five years. This will be Adhunik Metaliks second steel plant in the country.

Mr Manoj Kr Agarwal MD of Adhunik Metaliks said that “We are expanding our footprint geographically and strengthening our product portfolio. We have begun land acquisition process, engineering and team execution and the plant is expected to start operations within five years.”