Following is an excerpt from a report in New Indian Express.

Ferro Alloys Corporation Limited (FACOR), one of India’s largest producers and exporters of ferro alloys, is going to expand its integrated plant at a cost of Rs 2,700 cr in Orissa.

The company has initiated an ambitious expansion plan of setting up two power plants and a Stainless Steel Plant (SSP) in Orissa for which a consultancy has also been appointed.

The FACOR group is planning to set up the power plant for its own consumption. A 45 MW coal-based captive power plant is to be set up for Bhadrak near Randia of Orissa at a cost of Rs 180 crore.

The power plant work is scheduled to be completed by 2009 for which the FACOR group has inked a financial tie-up with Rural Electrical Corporation, New Delhi.

Another 250 MW coal-based power plant and a five lakh tpa SSP are also being planned to be set up to the tune of Rs 2,500 crore at Orissa. The expansion works will be completed by 2011.

… According to Ashim, for the Rs 2,500 crore 250 MW power plant and SSP, Rs 1,700 crore would be the debt component while Rs 400 crore would come from internal sources and another Rs 400 crore raised from a partner.

“We are looking for a strategic business partner either in the form of investment or through technological support,” he said.