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Steelcast to enter shipbuilding arena

Mumbai: Indian steel producer Steelcast Limited has purchased a plot of land in Gujarat in order to set up  a shipyard dock near Bhavnagar coastline, reports the Business Standard. This would be a new addition to the company's portfolio which currently includes the manufacture carbon steel, low alloy steel, high alloy steel, hadfield manganese steel, etc.

Chetan Tamboli, Steelcast md said, "We have earmarked Rs100 crore ($24.6) for the Greenfield project and acquired about 130,000sq mtr of land in the creeks of Bhavnagar."

He added that Steelcast intends to form a new company to manage the yard and will raise the funds needed for the project through a mix of equity, debt and private placements.  [07/03/08]

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