STEEL Authority of India's 100 per cent subsidiary, Iis-co Steel Plant; (ISP), is going in for a complete makeover. The company has decided to shut down its existing unit in Burnpur and set up a greenfield plant there. The firm will spend 14,443 crore rupees on modernisation and capacity enhancement. "The Steel Authority of India (SAIL) board approved our 14,443 crore rupees expansion plan last year. Since then, a lot of work has been done. The new plant will be constructed by June 2011. Almost all packages (projects) have been awarded to various companies and we are confident we will be able to complete the plant ahead of deadline," S P Rao, managing director of ISP said.
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