Kerala-based Minar Group of Companies plans to invest in a TMT steel products making facility here.
A. Mohammed Shafi, Managing Director of the group, told The Hindu on Thursday that it planned to invest ₹150 crore in a plant here, depending on the market response to its products.
Minar would launch its TMT steel bars here on Friday. It proposed to have 70 to 80 dealers in the district. If the products got encouraging response, the group would invest in a production facility with an annual manufacturing capacity of two lakh tonnes. It would be used to meet the demand in Kerala and Tamil Nadu. The plant would come up on the Tamil Nadu-Kerala border in Coimbatore district and generate employment for nearly 500 people, he said.
Minar has two plants in Kanjikode and a rolling unit in Kozhikode. It plans to expand in Tamil Nadu by extending initially to districts near Coimbatore.
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