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Mahalaxmi TMT to set up integrated steel plant in Devali

Mahalaxmi TMT Pvt Ltd of Sangam group is to set up an integrated steel plant in Devali village in Wardha district of Maharashtra. The project cost is estimated at Rs. 7000 million and is likely to be funded through a consortium of banks including Union Bank of India, State Bank of Patiala etc., It will produce sponge iron through iron ore fines and will have a capacity of 2,40,000 tpa of mild steel billets through induction furnace route. It will also produce 500,000 tpa of TMT bars and will have a captive power plant of 40 MW. The project is likely to go operational by early 2012

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