ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Geoservices (India)

EPW Research Foundation Mideast Integrated PROMOTED by Mideast (India) which is the flagship company of the MESCO group of companies, Mideast Integrated Steels is setting up a 100 percent export-oriented unit to manufacture foundry grade iron with an installed capacity of 4,64,000 tpa. The project is the first Indo-Chinese joint venture in the steel sector in financial-cum-technical col- laboration with China Metallurgical Import and Export Corporation (CMIEC) and will be using state of the art Chinese technology resulting in lower overall raw material consumption and one of the highest production levels of hot metal of two tonnes/m3/day (which has been guaranteed by CMIEC). The company also plans to set up a 4 mw power plant and sinter plant which would run utilising waste gases generated from the blast furnace. The project which is being set up at a total cost of Rs 307 crore is to be located in close proximity to iron ore mines, port and infrastructural facilities with rail and road facilities running adjacent to the plant. It will be financed through equity capital of Rs 135.75 crore (Rs 69.1 crore from promoters and the balance through a public issue) and rupee term loans from financial institutions aggregating Rs 171.25 crore. The company's public issue will consist of 3,33,25,000 equity shares of Rs 10 each at a premium of Rs 10 per share and will open for subscription on September 8. The issue is to be lead managed by IDBI, IFCI and ITC Classic Finance.

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