Godawari Power and Ispat Ltd has signed a memorandum of understanding (MoU) with the government of Chattisgarh to set up manufacturing facilities in the state with a total investment of Rs 15.70 billion (1,570 crore).

The project will be implemented through a special purpose vehicle (SPV) called “Krishna Global Minerals Ltd”, which will be a subsidiary of Godawari Power and Ispat Ltd.

Under the project, the company will set up facilities to manufacture sponge and pig iron plants, steel billets, ferroy alloys and calcination plant etc.

Godawari Power and Ispat (GPIL) formally Ispat Godawari Limited (IGL) belonging to HIRA Group of Industries, Raipur, Chhattisgarh, India, was incorporated on 21st Sept 1999 to set up an integrated steel plant with captive power generation facility.

The company has a dominant presence in the long products segment of the steel industry, mainly into mild steel wire.