JSW Steel plans to increase Vijayanagar unit capacity

JSW Steel, maker of iron and steel products, plans to increase the Vijayanagar unit capacity to 10 million tons a year by 2010, reports Business Line.

The company will do this at an investment of Rs 240 billion, to be raised by internal accruals, debts and foreign investment of USD 325 million.

JSW Steel is exploring options to curtail the increasing cost of iron ore and coal.

The company posted a robust growth of 47.62% in net profit to Rs 5,112.30 million for the quarter ended September 2007 as compared with Rs 3,463.00 million for the corresponding quarter, last year.

Net sales for the quarter rose 13.64%, to Rs 24,940.90 million as against Rs 21,945.80 million in the corresponding quarter, last fiscal.

Shares of the company declined Rs 39.85, or 3.92%, to settle at Rs 976.6. The total volume of shares traded was 297,562 at the BSE. (Thursday)