Mahindra Ugine Steel's board has approved capital expenditure of about Rs 33.79 crore for setting up new production facility at Zaheerabad in Andhra Pradesh. The new project is being set up to meet the increasing demand of stamping components of automotive businesses situated in southern region of India.
The investment is proposed to be made during the financial years 2013 to 2015 and the project is expected to be commissioned in 2nd quarter of financial year 2015.
Mahindra Ugine Steel Company is engaged in the manufacturing of alloy & special steel through Electric Arc Furnace (EAF) route & caters to the automotive, engineering, bearing & other industries. The company manufactures a wide array of products including skin components, underbody components, critical assemblies, chassis components and car body sheet metal (Body in White) parts with a total capacity of 30,000 metric tons.