The Economic Times reported that TMT iron bars makers Shri Bajrang Power and Ispat Ltd recently inked an MoU with the Madhya Pradesh government to set up an integrated steel plant in the state, at an estimated investment of INR 780 crore.

The MoU was signed by Mr SK Goyal the Group's Director with the Madhya Pradesh Trade and Mr Arun Bhatt MD of Investment Falicitation Corporation Ltd's.

Company sources said that the company, which has a strong presence in Chhattisgarh is expected to employ around 3000 people in its proposed unit, whose first phase will be commissioned by 2015, in Shahdol district's Beoharai tehsil.

The land for setting up the plant as well as other required facilities have been identified and the process to acquire it is on.

Company sources added that a 64 MW captive power plant will also be set up by the company to fulfill the unit's electricity requirement.

Source - The Economic Times

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