From correspondents in Delhi, India, 09:00 PM IST

Uttam Galva Steels Limited, India's leading manufacturer - exporter of cold rolled and galvanized steel, today announced its plans to set up a 60 MW power plant close to its steel plant at Khopoli which is situated on the outskirts of Mumbai.

The 60 MW captive coal fired power plant will be a part of Uttam Galva Steels Ltd, and will be commissioned within 24 months with an investment of Rs. 300 crores, which will be raised through a mix of debt and internal accruals. The company has applied to the Govt. Of India for the necessary coal linkages.

Commenting on the company's initiatives, Mr. Ankit Miglani, Director (Commercial), Uttam Galva Steels Limited, said, "The plant will help the company to enhance its growth. We see this as one of the major initiatives to reduce our costs and protect margins".

With the increase in demand of steel and the increased efficiency in the production capacity the company is looking at a 30% higher sales target for 2008-09.

Source: Press Release Distribution via India PRwire