The company is undertaking an INR 217-crore brownfield expansion which will expand its capacity for sponge iron, steel melting, rolling mill, ferro alloys, and captive power.
December 8, 2021
Raipur-based Shri Bajrang Power & Ispat, an integrated steel manufacturer, is planning to repay around INR 400 crore of its long-term debt from the proceeds of its forthcoming INR 700-crore initial share sale.
The company is ranked amongst the top 10 in terms of installed capacity for iron ore pellets, iron ore beneficiation, and sponge iron has a little over INR 840 crore of debt, of which nearly half is a long-term debt which it plans to repay with the IPO money.
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At present, the company is undertaking an INR 217-crore brownfield expansion which will expand its capacity for sponge iron, steel melting, rolling mill, ferro alloys and captive power. The project is expected to be completed by early January next year, according to the company representatives.
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The company manufactures intermediate and long steel products such as TMT bars, ERW pipes, wire rods, HB wires including binding wires, ferro alloys, steel billets, iron pellets, and sponge iron. It sells under the labels of Goel TMT, Goel Pipes, and Goel Wires.
As of May 2021, its annual capacity stood at 1.76 million metric tonnes (MT) comprising intermediate and final products. Its installed iron ore beneficiation and palletisation capacity were 2 MT and 1.4 MT annually, respectively. The captive power generation of the company is 83 MW and out of which, 50 MW come from waste heat recovery that helps it minimise emissions.
