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Shareholders of Tata Metalics has approved the proposal for increasing in borrowing limits from Rs 350 crore to Rs 400 crore.
The resolution for the company’s AGM here on Wednesday was related to the proposed capital expenditure plan for increasing capacities, improving operational efficiencies and manufacturing value added products. The company, subsidiary of Tata Steel, produces pig iron at its 3.45 lakh tonne plant at Kharagpur in West Bengal.
It planned to set up a 1,20,000 tpa capacity coke ovens plant on build, own, operate and transfer (BOOT) arrangement. For the project, it has bought about 22 acres of land. The site work will start soon, according to the management.
It has obtained environment clearance from West Bengal Pollution Control Board (WBPCB). A 10 MW power plant will also be set up utilising the waste flue gases from the coke ovens.
The company, for various other projects including a coal-dust injection project, is in discussion with West Bengal Industrial Development Corporation for 300 acres of additional land.
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