SAIL starts revival of its Jagdishpur unit

New Delhi,(IANS) State-run Steel Authority of India's (SAIL) Monday started the revival of its Jagdishpur unit, laying the foundation stone for a new TMT bar mill at the project site.

"Steel Secretary Atul Chaturvedi and SAIL Chairman C.S. Verma laid the foundation stone of a TMT bar mill of 1.5 lakh tonne per annum (TPA) capacity. This is a part of SAIL's plan to revive and develop the steel plant of erstwhile Malvika Steel Ltd (MSL)," said the company in a statement.

The steel behemoth purchased the assets of MSL in February 2009 under Debt Recovery Tribunal-I and rechristened it as Jagdishpur SAIL Unit (JSU).

The first phase of units's revival plan is estimated to cost Rs.100 crore.