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Gerdau Steel to invest 10B rupees to raise steel plant capacity to 500,000 tonnes

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Gerdau Steel to invest 10B rupees to raise steel plant capacity to 500,000 tonnes

Gerdau SteelIndia Ltd. will be investing 10 billion Indian rupees in the nexttwo years to its existing steel plant in India's Andhra Pradesh state, The Hindu BusinessLine reported April 29.

"We have started looking at plans to expand productportfolio and further process debottlenecking," Sridhar Krishnamoorthy,managing director of Gerdau Steel India, told the daily.

The investment fordebottlenecking and product enhancement will raise the steel plant'scapacity by 200,000 tonnes to 500,000 tonnes.

As of April 29, US$1was equivalent to 66.37 Indian rupees.