Bhuwalka Steel Industries’ expansion project granted with 'Mega Project' Status

Bhuwalka Steel Industries has received approval of 'Mega Project' Status to its proposed project for manufacture of MS Billets, TMT Bars, Beams, Channels, Angles, Transmission Line Towers at Wada, District Thane, Maharashtra by the Industries, Energy and Labour Department of the Government of Maharashtra. The status accorded is under the package scheme of incentives (PSI) 2007, entailing an investment of around Rs 135.65 crore and providing employment to about 622 persons.

The company's Wada Unit 4 has been capitalized in FY 2010-11 with an amount of Rs 38.20 crore and investment in the same is eligible for the scheme approved. Further, the company is proposing to take up expansion of steel melting unit and transmission line tower unit under this scheme in FY 2011-12 for an expected capex of Rs 100 crores to complete its target of total investment and employment of 622 persons.

The benefits accruing to the company as a result of 'Mega Project' status to its project includes Electricity duty exemption for a period of 7 years from the date of commencement of commercial production, 100% exemption from payment of stamp duty on land acquired and Industrial Promotion Subsidy (IPS) equivalent to 100% of investment eligible under PSI 2007.