State-owned Steel Authority of India (SAIL) is likely to acquire former Karnataka minister G Janardhan Reddy-promoted Brahmani Steel in Andhra Pradesh. Brahmani Steel has 14,700 acres of land and iron ore mines to build a 2.5 million tonnes steel plant at Kadapa in Andhra Pradesh.
The company has registered its interest with Government of Andhra Pradesh in September, 2011 for acquisition of Brahmani Steel and associated mines or any other land bank with iron ore mines in Andhra Pradesh. It will decide the further process on receipt of response from Government of Andhra Pradesh. SAIL aimed at plant, which was proposed to be the first steel plant of such scale in the state, with investment of Rs 4,400 crore.
Recently, SAIL has hiked prices of both long and flat products for March, on rising demand. Though the increase is marginal, the prices of long products such as TMT bars have been hiked by Rs 500 to Rs 1,000 a tonne.
