Jayaswal Neco Industries Limited, flagship company of the Neco Group of Industries, announced its full debt tie up for expansion of INR 3300 crores in steel, mining and captive power projects. The Company is very thankful to its esteemed banks, financial institutions and investors for their wholehearted support and cooperation.

The company has commenced planning and implementation of its expansion of 100,000 tonne per annum coke oven plant, expansion of its steel melt shop by 450,000 tonne per annum and rolling mill by 350,000 tonne per annum, modernization of its existing wire rod mill, setting up of 300,000 tonne per annum sponge iron plant, setting up of 62 MW captive power plants, development of its non coking coal mines along with 3 million tonnes per annum coal washery and development of its iron ore mines in the state of Chattisgarh and development of its coking coal mines with 1 million tonne per annum coal washery in the state of Jharkhand.

Neco release said that “Implementation of the above projects would help the Company achieve total captive low ash metallurgical coke making capacity, self sufficiency in entire captive power requirements, monetization of benefits of non coking coal mines by setting up additional sponge iron plants and of coking coal and iron ore mines by developing them for usage in its integrated steel plant at Raipur. It will allow for complete forward integration by setting up world class steel melt shop and end product rolling mill with capability to roll all products and types of high alloy steel, spring steel, carbon steel and stainless steel of all grades and sizes in the long products segment. Post expansion the Company has planned to double its turnover by the Year 2014.”

Post expansion the Company would have 1.3 million tonne per annum of iron making capacity, 105 MW captive power plants, 1.1 million tonne per annum of finished steel making capacity, 4 million tonne per annum of coal washeries, 200,000 tonne per annum of coke oven plants, 800,000 tonne per annum sinter plants and 100,000 tonne per annum of ferrous casting capacities.