Kolkata, Feb 11 (IANS) Adhunik Corp Ltd, an arm of Adhunik Metaliks Ltd, is planning an initial public offering of shares to finance the second phase of its planned cement and steel project, a company official said here Thursday.
Adhunik Corp is setting up 400,000-tonne steel capacity in the first phase for an investment of Rs.850 crore. It would manufacture TMT bars and steel rods in the first phase, managing director of the company Mahesh Agarwal said on the sidelines of a press meet.

The company Thursday received 505 acre out of 661 acres land required for the project from the state government.

“In the second phase, we would be creating 500,000 tonnes of steel capacity and a 1 million tonne cement plant for which we would come out with an IPO,” he said.

The company has achieved financial closure for the phase I and expects work to start by March, he said, adding that it is likely to get completed in three year’s time.

A captive power plant of 60 megawatt is also being built and Agarwal said there are plans to create 1,000 MW capacity but did not elaborate further.

It would be investing Rs.1450 crore in second phase - Rs.1200 crore for steel and Rs.250 crore for cement - Agarwal said but did not divulge the time when it will happen.