New Delhi, July 26: State-owned SAIL today said it will invest Rs 100 crore to revive its Uttar Pradesh unit, formerly known as Malvika Steel, which the steelmaker acquired last year.
"The total cost of JSU's phase-1 revival has been estimated to be Rs 100 crore," the company said in a statement here. SAIL acquired the defunct Malvika Steel for Rs 209 crore last year and rechristened it as the Jagdishpur SAIL Unit (JSU).
As part of the revival plan, SAIL will set up a steel mill at a cost of Rs 46 crore to produce items required by infrastructure and construction companies.
"The entire team of JSU has to work with exemplary dedication, zeal and commitment to fulfill the objectives of acquiring the unit," said Steel Secretary Atul Chaturvedi, who along with SAIL Chairman C S Verma laid the foundation stone for the mill.