Jayaswal Neco Industries Limited, flagship company of the Neco Group of Industries, has plans for Rs3,300 crore expansion in steel, mining and captive power projects.

The company is in the planning stage of the expansion of its 0.1 MTPA coke oven plant. Its expansion plans include expansion of its  steel melt shop by 0.45 MTPA and rolling mill by 0.35 MTPA, modernisation of its existing wire rod mill, setting up of a 0.3 MTPA sponge iron plant, setting  up 62 MW captive power plants, development of its non-coking coal mines along with 3 MTPA coal washery and development of its iron ore mines in Chattisgarh as also development of its coking coal mines with 1 MTPA coal washery in Jharkhand.

The company has planned to double its turnover by 2014 with the expansion. The Neco Group promoted by Basant Lall Shaw is a renowned industrial group with a turnover in excess of Rs 2,500 crore. The group has a fixed asset base of around Rs 2,000 crore and net worth of around Rs1,000 crore.

Neco also ranks as one of the major integrated steel producers in the country with an installed capacity of 1 million TPA. It is also the largest manufacturer of ferrous castings in India producing more than 0.1 MTPA including machined castings.

Neco's product line also includes industrial valves and auto components and is one of the largest industrial valve manufacturers in the country.

For its Rs3,267-crore expansion the company has tied up debt of Rs2,143.50 crore and the rest Rs1,123.50 crore would be the equity part. The company has received funding for the expansion from ICICI Bank, State Bank of Travancore, UCO Bank, Union Bank of India and United Bank of India.

Following the expansion, the company would have 1.3 MTPA iron making capacity, 105 MW captive power plants, 1.1MTPA of finished steel making capacity, 4MTPA of coal washeries, 0.2 MTPA of coke oven plants, 0.8 MTPA sinter plants and 0.1MTPA of ferrous casting capacities.

According to Neco, implementation of these projects would help the company achieve total captive low ash metallurgical coke making capacity, self-sufficiency in entire captive power requirements, monetisation of benefits of non-coking coal mines by setting up additional sponge iron plants and of coking coal and iron ore mines by developing them for usage in its integrated steel plant at Raipur.

 Jayaswal Neco Industries Limited, spread over 1600 acres of land, is a fast growing integrated steel plant. Located  in the industrial belt of Raipur it creates value added products with the product mix finding wide application in automobile , white goods, engineering, commercial and other manufacturing sectors. The company being integrated steel plant, has its own units such as blast furnace, sinter plant, coke oven, direct reducing iron plant, steel melting shops, power plants and rolling mills.