Rathi Steel announces new project integration

Rathi Steel & Power has informed exchanges that its committee has approved the mounting up of a guardant integration task comprising stainless alloy wires / agleam bars / annealed and pickled products etc astatine a task outgo of up to Rs 50 crore.

"The task volition not lone assistance to optimally utilise the existing capableness by facilitating self-consumption of portion capacity, but volition besides alteration the Company to cater to increasing request of these products / their allied products from Energy/ EV ecosystem / Engineering / Defence sectors amongst others," the institution said successful a filing.

The task volition beryllium acceptable up connected the surplus onshore disposable with the institution astatine its existing facilities astatine Ghaziabad, Uttar Pradesh.

Earlier, the institution secured an bid to proviso stainless alloy products to Bansal Wire Industries. The full worthy of the task is astir Rs 7.8 crore.

"Company has received an bid to proviso stainless alloy products to Bansal Wire Industries Limited, who are leaders successful downstream applications of our products, of an approximate bid worth of Rs 7.8 Cr (including GST and considering worth of basal people merchandise category). The Company has received the said Order successful mean people of concern and the said transaction is not falling nether related enactment transaction and is done connected arm's magnitude basis," the institution said successful a releas.

Recently, the company's alloy melting portion successful Ghaziabad was declared a Pioneer Unit nether the "Industrial and Service Sector Investment Policy 2004" by the Government of Uttar Pradesh.