Ambitious plans of the group are on the anvil. Delight it is, over the years, there is strong growth being clocked by India and the attention it has been enjoying in the world media as it leaps confidently forward on the path of progress. India is the world's twelfth largest economy at market exchange rates and the third largest in purchasing power. Economic reforms have transformed it into the second fastest growing large economy the average GDP growth being 8.8% per annum over three years is no mean achievement for so complex an economy, India being the 5th largest producer of steel in the world in 2007 and 2008, and aiming to reach formidable place in the next 10 years; and with China having produced Steel accounting 1/3rd of the global production, there are bright chances for not only domestic consumption of Ferro Alloys, meeting the growing domestic Steel demand, but also good potential for exports.
With Government's policies encouraging signing up of Joint Ventures, UGEN Ferro Alloy is the recent insurgence of the Group with the manufacturing facility of 15,000 MTPA of Ferro Silicon in its 18 MVA furnace in Bhutan. This is the first FDI project in Bhutan with an investment of nearly 40 crores. The production in its submerged Electric Arc furnace will start from June 2008 barring unforeseen circumstances.
Expansion being the motto, the company is all set to touch new heights with the production of MS Billets touching 1,15,000 MTPA in its expansion program. Implementing new thoughts clubbed with expansions, the group plans to set up Palletisation plant of 4,87,500 MTPA; and Briquetting Plant of 60,000 MTPA. As said in the foregoing, a 9 MVA Electric arc furnace is being commissioned to manufacture Ferro Alloy and it is in its final stage of completion.
To top the list, the group has signed a MOU with Bihar State Government thus availing 300 acre land provided by the Govt., to set up a 2 x 250 MW Thermal Power Plant in Begusarai, with an investment of 10,000 crore. With the State Governments allowing intra-trade power, once the power is produced to its peak, the Group will draw power to the group units in WB.
A feather in the cap for the group is VIKASH SMELTERS, which is coming up with a 320 CUM Pig iron plant using Blast Furnace Technology, Sintering Plant of capacity 2 x 18 mtr and Captive Power Plant of 4 MW. Investing about 200 crore, the land for the project has been procured at a prime location on the Durgapur-Asansol Express Highway.
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