Gallantt Group to expand GIDA units
Gorakhpur, May 26 (UNI) The Gorakhpur-based Gallantt Group has announced a significant expansion plan, committing Rs 1,015 crore to enhance its existing facilities in Gorakhpur Industrial Development Area (GIDA).
With this move, Gallantt Group's total investment in Gorakhpur will scale up to Rs 2,500 crore. Commending the Yogi government's policies and its emphasis on creating a secure, business-conducive atmosphere, Gallantt Group Chairman and Managing Director Chandra Prakash Agarwal said that such large-scale investments have been made possible only because of the state's pro-industry vision and fear-free environment.
Agarwal said that Gallantt's journey in GIDA began in 2009 with an initial investment of Rs 350 crore. He said that this figure rose to Rs 1,500 crore over time, and with the upcoming expansion, it will reach Rs 2,500 crore.
The expansion is expected to generate direct and indirect employment opportunities for nearly 1,000 people. As the company is listed on both BSE and NSE, its shareholders will also benefit from the economic gains of this growth.
Giving details of the investment, the CMD said that Rs 715 crore will be used to upgrade and expand all Gallantt Ispat Limited production units. "In comparison, Rs 300 crore will go toward setting up a new 100 MW solar power plant. This solar plant will support production operations and strengthen the company's commitment to green energy," he said.
Post-expansion, the annual production capacity of the pellet plant will rise from 8 lakh to 10 lakh tonnes, the sponge iron capacity from 5.5 lakh to 6.5 lakh tonnes, and the steel melt shop and rolling mill from 5 lakh to 8 lakh tonnes. The company's power generation capacity will also increase, with the current in-house plant going from 78 MW to 100 MW.
Agarwal reiterated that the remarkable improvement in the state's industrial climate under Chief Minister Yogi Adityanath has boosted investor confidence and enabled existing entrepreneurs to scale up their ventures with renewed optimism. UNI AB SSP
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
18 minutes ago
- News18
Starlink Price In India: Elon Musk May Launch Satcom Plans At Rs 3,000-4,200 Per Month, Says Report
Last Updated: Elon Musk's Starlink might commence operations in India within the next two months after receiving its licence last week. Even as Elon Musk-owned Starlink has received a licence for satellite communication (satcom) services in India, speculations are rife about its prices in the country. According to the latest report by Business Standard citing sources, Starlink is expected to launch its services at monthly subscription charges between Rs 3,000 and Rs 4,200. Its kit, which includes a satellite dish and a Wi-Fi router, is also likely to be at about Rs 33,000. This is in contrast with the recent reports that indicated that Starlink is expected to debut in India with promotional unlimited data plans priced below $10 per month – nearly Rs 850. Earlier estimates had suggested Rs 3,000-Rs 7,000 per month. These are the speculations, and the exact official prices are yet to be known. According to the BS report, Starlink has so far prices its services at two-three times of traditional telcos in both high-income countries like the US and developing markets like Kenya or Nigeria. 'The company doesn't have much gain by dropping the price to attract more customers as internet capacity from satellite will remain capped," the report said citing people in the know. High-Speed Internet for Remote India Starlink operates a constellation of low Earth orbit (LEO) satellites positioned just 550 km above the Earth – significantly closer than traditional geostationary satellites – enabling faster, low-latency internet access. The system has already been deployed in over 70 countries and aims to expand to the most remote and disaster-prone regions globally. SpaceX has already deployed approximately 7,000 LEO satellites globally and aims to increase this to over 40,000, enabling internet access even in the most remote and challenging terrains – from conflict zones to disaster-stricken areas. When Will Starlink Satellite Communication Services Start in India? Elon Musk-owned Starlink has received a licence for satellite communication (satcom) services in India. It comes after the government last month had issued a letter of intent (LoI) to the entity. Before launching its services, Starlink still needs approval from the Indian National Space Promotion and Authorisation Centre (IN-SPACe) and must be allocated spectrum by the government. According to a PTI report, Starlink will be granted trial spectrum within about two weeks. According to an ANI report citing sources, Starlink is preparing to commence operations in India within the next two months after receiving its licence last week. Starlink's hardware will be available at retail outlets of telecom operators Bharti Airtel and Reliance Jio. In April, Starlink signed pacts with Reliance Jio and Bharti Airtel, which together control more than 70 per cent of the country's telecom market, to bring the US satellite internet giant's services to India. Starlink has become the third company to secure a satcom licence from the Department of Telecommunications (DoT), after Eutelsat's OneWeb and Reliance Jio.
News18
23 minutes ago
- News18
Reliance Power Soars 11%, Up 174% In A Year – Will The Rally Sustain?
Last Updated: Reliance Power Share Price: Shares of Reliance Power surged on Tuesday, hitting a fresh 10-year high RPower Share Price: Shares of Reliance Power surged on Tuesday, hitting a fresh 10-year high of Rs 71.35, as they rallied 11 per cent on the BSE in intra-day trade amid heavy volumes. At this price, the stock has soared nearly 68 per cent so far in 2025 and 174 per cent over the past year. In June alone, it has gained more than 20 per cent following a 45 per cent surge in May. The recent momentum in this power stock has been driven by its robust Q4 earnings and a positive outlook. For the March 2025 quarter (Q4FY25), Reliance Power reported a consolidated profit of Rs 125.57 crore, reversing a loss of Rs 397.56 crore in the same period last year (Q4FY24). However, consolidated revenue from operations dipped slightly by nearly 1 per cent to Rs 1,978.01 crore from Rs 1,996.65 crore a year earlier. Meanwhile, Reliance Power's subsidiary, Reliance NU Energies Private Limited, on May 28 received a letter of award (LOA) from SJVN Limited—a Navratna Central Public Sector Enterprise—for a 350 MW inter-state transmission system (ISTS)-connected solar power project, along with a 175 MW/700 MWh battery energy storage system (BESS). Reliance Power growth opportunities According to the National Electricity Plan, India plans to add around 80 gigawatts (GW) of new coal-based thermal power capacity by 2031–32 to meet growing electricity demand. In its FY24 annual report, Reliance Power highlighted that this renewed focus presents growth prospects for thermal power players. Rising electrification, higher per-capita power consumption, and the adoption of electric vehicles (EVs) are expected to drive demand. India also aims to achieve 500 GW of non-fossil capacity by 2030 as part of its energy transition. 'In the near term, prices may continue to rise, but given the overbought conditions, buying on dips would be ideal. Rs 56-57 appears to be strong support, while Rs 72 is seen as resistance," Bhosale said. Further, Riyank Arora, Technical Analyst at Mehta Equities, observed that Reliance Power share price is showing signs of profit-booking after the recent rally, with major resistance at Rs 65. 'Reliance Power has seen a significant run-up, and the current pause suggests a short-term consolidation or mild correction. If it fails to break above Rs 65, we may see selling pressure pushing it back towards the Rs 58–59 support zone. While momentum remains positive, traders should be cautious near resistance. Fresh entry is only recommended on a decisive breakout above Rs 65 with strong volume," Arora explained. Disclaimer:Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
Economic Times
25 minutes ago
- Economic Times
Kent RO Systems among four firms to win Sebi nod for IPOs
Tired of too many ads? Remove Ads Kent RO Systems Tired of too many ads? Remove Ads Karamtara Engineering Vidya Wires Tired of too many ads? Remove Ads Mangal Electrical India's capital markets regulator Sebi (Securities and Exchange Board of India) has given the green light to initial public offerings of four companies, including water purification giant Kent RO Systems, in a move that underlines the growing momentum in the country's IPO pipeline across manufacturing and energy four companies that received IPO approvals are Kent RO Systems, Vidya Wires, Karamtara Engineering, and Mangal Electrical Industries. Their proposed offerings, spanning a mix of fresh issues and offers for sale, reflect a wide industry spread from water purifiers and kitchen appliances to transformers, specialty wires, and renewable energy RO Systems, a pioneer in India's water purifier industry, has received Sebi approval for a book-built IPO comprising an offer for sale of 1.01 crore equity shares by promoters Sunita Gupta, Mahesh Gupta, and Varun Gupta. The company will not receive any proceeds from the offer.'The object of the offer is to achieve the benefits of listing the equity shares on the stock exchanges,' the company said in its draft red herring in 2007, Kent is credited with bringing reverse osmosis (RO) technology into Indian homes. Its NSF/ANSI 58-certified purifiers were the first in India to meet this U.S.-based national standard for point-of-use RO brand has since expanded into IoT-enabled and zero-water-wastage models, while also foraying into BLDC motor fans, high-speed mixers, and infrared cooktops. Kent operates four manufacturing units and has a wide service network spanning 15,000+ pin codes. JM Financial and Motilal Oswal Investment Advisors are the book running lead managers for the issue, while Kfin Technologies is the Engineering, a manufacturer of products for transmission lines and renewable energy infrastructure, has received approval for a Rs 1,750 crore IPO, which includes a Rs 1,350 crore fresh issue and a Rs 400 crore offer for company is a one-stop supplier for solar structures, fasteners, and transmission hardware, and is entering the wind energy space with a new facility to produce tubular towers. Its global footprint spans over 50 issue is being managed by JM Financial, ICICI Securities, and IIFL Capital Services . MUFG Intime India (Link Intime) is the and aluminum wire manufacturer Vidya Wires plans to raise Rs 320 crore via fresh issue, along with an offer for sale of 1 crore in 1981, the company supplies over 6,400 types of winding and conductivity products to sectors such as power generation, railways, and electric mobility. It intends to expand its manufacturing capacity from 19,680 MT to 37,680 MT annually with a new facility in Narsanda, IPO is being handled by Pantomath Capital Advisors and IDBI Capital Market Services, with MUFG Intime India (Link Intime) as the Electrical Industries, a Rajasthan-based transformer and electrical equipment manufacturer, received clearance for a Rs 450 crore IPO, which will be entirely a fresh company produces CRGO slit coils, transformer laminations, wound cores, and oil-immersed circuit breakers, and also provides EPC services for setting up electrical substations. Systematix Corporate Services is the book-running lead manager, while Bigshare Services is the approvals come as India's primary markets continue to see strong interest from both companies looking to raise growth capital and investors keen on gaining exposure to industrial and clean energy themes.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
