Kolkata-based alloy steel maker Adhunik Metaliks (AML) has informed that its subsidiaries Orissa Manganese & Minerals and Adhunik Power & Natural Resources have decided to spend Rs 3350 crore in mining and power business over the next two years.

The company stated in a communiqué that Orissa Manganese, a 100% subsidiary of Adhunik Metaliks would invest Rs 700 crore for iron ore benefaction and pelletisation plant at Jharkhand, besides a 30 MW power plant for ferro alloys facility in Orissa.     

It should be noted that the company had tied up an agreement worth Rs 400 debt, and would raise balance Rs 300 crore through a mixture of internal accruals, private equity or an IPO.     

Adhunik Power, in which Adhunik Metaliks holds 94% stake, is setting up a 540 Mw power plant at Jamshedpur in the first phase with an investment of Rs 2650 crore.     

The power utility had signed a pact worth for a debt of Rs 2,000 crore, while the remaining Rs 600 crore would be funded from private equity and internal accruals.