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United News of India

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