India's Godavari Power and Ispat limited (GPIL) has confirmed plans to build a new steel plant with a capacity of one million tonnes per annum, which will entail an investment of $745 million, the company said in a statement on Wednesday, March 25.
The company said the plant will be located at Sarora in the central state of Chhattisgarh.
The new plant will produce iron and steel products such as heavy and medium structural steel and wire rod, and is expected to begin production within three and a half years.
GPIL, which operates an iron ore and pellet plant, also has a 0.5 million tonne steel plant in Chhattisgarh, which is currently operating at 95 percent capacity, the company said.
