Surya Roshni to develop steel, power plants

New Delhi: Surya Roshni, will set up an associate firm in the next few years for setting up steel manufacturing and power plants.

The proposed project is part of a huge expansion of the group. It is plans to set up a 1,000 MW power plant and a steel plant with a capacity of 5 MT per annum in Karnataka with an investment of Rs 20,000 crore. The company will raise the funds through a mix of debt and equity.

The firm will also launch an initial public offering (IPO) for these projects and it will be operated through a different company called Surya Vijaynagar Power and Steel. The group may also include foreign investors for the project.

Surya is also setting up two steel pipe manufacturing plants in Gujarat and Madhya Pradesh with a total investment of around Rs 550 crore.