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RMG Alloy Steel decides to increase capex plan from Rs 150 crore to Rs 232 crore

RMG Alloy Steel's Board has decided to increase capex plan from Rs 150 crore to Rs 232 crore, looking to the long term promising outlook for the Company's business segment viz. manufacturing of alloy steel and seamless tube and the unit being located in Gujarat.

The company has decided to spend approximately Rs 125 crore to put up new state of art, world class, fully automated rolling mill to manufacture small diameter i.e. 20 mm-70 mm rolled products in-house, which is presently rolled outside, while approximately Rs 23 core to put up the facilities like AOD, induction furnace etc.

Besides, approximately Rs 35 crore has been planned for existing seamless pipe plant to produce engineering grade of stainless steel seamless tubes pipes for critical application in nuclear power plants, oil and gas sectors, space and aviation etc. In addition, approximately Rs 50 crore capex is towards common utility, infrastructure, contingencies etc.

This investment is expected to be fully recovered in 3-5 years through Gujarat Government Incentives.

RMG Alloy Steel (formerly known as Remi Metals Gujarat has grown into a multi-product Alloy/Special Steel Plant engaged in the manufacture of Alloy Steel, Stainless Steel, Seamless Tubes and Pipes.

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