PTI reported that Steel Authority of India Limited is all set to pump in INR 72,000 crore to raise production from 14 million tonnes per annum to 24 million tonnes in two years.

Mr CS Verma chairman of SAIL told reporters that "By the end of 2013 SAIL's annual production would be enhanced to about 24 million tonnes from the existing 14 million tonnes per annum. For this INR 72,000 crore is being invested on expansion programs.”

He further said that out of INR 72,000 crore, an amount of INR 10,500 crore would be spent in Raw Material Division adding INR 56,000 crore will be spent in purchasing machinery for expansion and modernization of units. About INR 32,000 had already been spent.

An amount INR 12,000 crore would be invested in Rourkela Steel Plant for completion of expansion and modernization in phased manner to increase capacity from two million tonnes per annum to 4.2 million tonnes.

He added that the entire modernization and expansion work would be completed in a phased manner in all steel plants of SAIL.

SAIL seeks to raise its capacity to 40 million tonnes to 60 million tonnes per annum after eight years, as per its 2020 vision document.

(Sourced from PTI)