new delhi domestic steel giant sail is investing over rs 2600 crore for installing a three million tonnes per annum facility for hot rolled hr coils at its rourkela plant to make autograde and special steel products the maharatna firm has awarded the contract for setting up this hot strip mill to a consortium led by mitsubishi and larsen toubro a source said the facility will produce high quality hr coils including high strength api grades auto body grades and other special steels the source added last week steel secretary rakesh singh said that under sails modernisation and expansion programme mep various projects have been initiated including this unit singh holds additional charge as sails chairman in a bid to fasttrack its mep the public sector undertaking commissioned projects worth rs 10200 crore in the financial year ended march 2015 sail is also finalising its vision 2025 document through which it aims to increase its hot metal production capacity to 50 million tonnes along with related business activities the facility will produce high quality hr coils including high strength api grades auto body grades and other special steels sail also aims to increase its hot metal production capacity to 50mt in a bid to keep pace with growing competition and optimise production as well as costs the steel maker is investing in research and development rd initiatives in 201415 sail spent rs 284 crore on rd the highest by any steel maker in india its rd centre developed 24 new products during the last fiscal and the expenditure was 056 per cent of sales it had clocked a sales turnover of rs 50627 crore during 201415 and its net profit stood at rs 2093 crore during last fiscal its capital expenditure stood at rs 6840 crore which is expected to rise to rs 7500 in 201516 sails hot metal production rose by 7 per cent to 154 mt in 201415 against the previous year saleable production was up by 3 per cent at 135 mt pti published on sep 28 2015 at 1010 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app mitsubishi steel investment larsen toubro sail mitsubishi motors business partnership modernisation rakesh singh optimse production homenewsraw materialsail invests rs 2600 crore in rourkela plant for auto grade special steel products