Vedanta Group firm Sterlite Industries (India) Ltd. said it was planning invest around Rs.2,500 crore to double its smelter capacity to 8 lakh tonne per annum (LTPA), reports said, quoting CEO of Sterlite Copper, a unit of Sterlite Industries.
With this, the company's contribution to gross state domestic product (GSDP) of Tamil Nadu will increase to 4.5 percent from the present 3.3 percent, a senior executive from Sterlite Group said.
Speaking to reporters on the sidelines of the 4th TN Manufacturing Summit, organised by the Confederation of Indian Industry (CII), he said, "The doubling of capacity would be completed in almost two years from the zero date of expansion programmes, adding that the zero date would be fixed within six months' time."
With this, the company's employment would go up to 35,500. The company already completed the first unit of 80 MW (out of 160 MW power plant) and plans to commence the second unit of 80 MW in next one month, he said.
Total investment into the power project, of which 100 MW would be supplied to the grid, is around Rs.600 crore. It is also planning to set up a 10 million litres per day (MLD) desalination plant in Tuticorin at an investment of Rs.200 crore, which would be completed in two years.
The contract has been given to L&T, he said. The company's turnover from Tamil Nadu is around Rs.18,000 crore and is expected to touch Rs.19,000 crore by end of this year, he added.
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