ARSS Ltd, a leading infrastructure company, plans to set up a three million tonne steel plant near Boinda, about 45 Km from Angul at an estimated cost of Rs12,000 crore. The project, to come up under the banner of ARSS Steel and Power Ltd, will use the coal gasification and DRI route to produce steel.
The project will initially produce long products, TMT bars and other structural steel. ARSS being an infrastructure company will use a part of the product in-house and sell the rest in the open market. The company intends to fund the project on a debt equity ratio of 80: 20. Once the MoU is signed, steps will be initiated to tie up the funds.
