Footwear major Action group is likely to infuse around Rs 3,000 crore in next three years to scale up its steel and power business.
The company is planning to increase its steel capacity from 0.3 million tpa to 1.5 million tpa in Jharsuguda, Orissa over next three years. This is subject to getting environmental clearances for additional production beyond one million tonne. This expansion will entail an additional investment of Rs 3,000 crore. The company already pumped in around Rs 1,400 crore in the Orissa plant for which the work is going on. The environmental clearances for the initial capacity has already been in place, and it expects the clearances by June 2013 for the additional capacity.
The company also plans to ramp up its captive power capacity from the initial planned 95 MW to 125 MW by January 2013.