Maithan Ispat Limited recently announced that it has raised an equity investment totaling INR 73.3 crore from a consortium of ORIX Corporation and a unit of Infrastructure Leasing & Financial Services Limited.

Maithan Ispat will use the fund for an integrated steel plant that includes a universal heavy section mill with annual capacity of 0.4 million tonne per annum in Kalinga Nagar in Orissa.

The first phase for 0.4 million tonne heavy section manufacturing capacity is expected to be commissioned in 2008 end, after which work is expected to start for the second phase. It will be manufacturing parallel flange H and I beams up to 600mm depth which are primarily used in infrastructure, commercial, real estate and industrial construction.