Lloyds Metals to Invest Rs. 37,000 Cr in Maharashtra Steel Sector
Lloyds Metals & Energy Limited, an iron ore mining company, has announced plans to invest Rs. 37,000 crore at Vidarbha in Gadchiroli district of Maharashtra. This investment will be made for developing a Steel and a beneficiation plant over the next five years.
Major Portion of Investment for Integrated Steel Plant in Gadhchiroli
The major portion of the company’s aforementioned investment will be for setting up a steel manufacturing plant with a capacity of 4.5 Million Metric Tonnes Per Annum (MMTPA). This plant will be developed at a cost of Rs. 22,000 crore. The remaining Rs. 15,000 crore is for developing a beneficiation plant of 45 MMTPA capacity.
These projects are expected to create employment opportunities for nearly 30,000 people. Funding will primarily come from internal accruals, with the option of raising fresh funds if required.
Recent Developments in Gadchiroli by Lloyd Metals
The aforementioned announcement comes alongside Lloyds Metals’ ongoing investments in Gadhchiroli. The company has already invested Rs. 5,000 crore in the district. Recently, Maharashtra’s Chief Minister Devendra Fadnavis inaugurated a 90-Km iron ore slurry pipeline and a 4 MMTPA pellet plant developed by the company in Gadhchiroli.
Lloyd Metals Current Operations and Expansion Plans
Lloyds Metals operates a Direct Reduced Iron (DRI) manufacturing plant in Chandrapur with a capacity of 2,70,000 tonnes per annum and another DRI plant in Gadchiroli with a capacity of 70,000 tonnes per annum.
The company also operates India’s single largest iron ore mine at Surjagarh in Maharashtra, currently producing 10 million tonnes per annum. The company also plans to expand this to 25 million tonnes per annum, which would make it the largest iron ore mine in the country.
About Lloyds Metals & Energy Limited: Lloyds Metals and Energy was founded on 5th April 1977 with its headquarters in Maharashtra. The company is a leading integrated metals and mining company in India. It is the sole iron ore miner in Maharashtra, with large-scale operations in Gadchiroli and Chandrapur.