Godawari Power and Ispat, an integrated steel manufacturer, has signed a Memorandum of Understanding (MoU) with the Government of Chhattisgarh for setting-up of manufacturing facilities under its expansion program in the state with proposed investment of Rs 1570 crore. The project would be implemented through a special purpose vehicle in the name of 'Krishna Global Mineral Limited' which would be a subsidiary of Godawari Power. The total project cost would involve setting up of plants including a sponge iron, pig iron, steel billets, calcinations and iron ore pelletisation plant. Godawari Power has registered 82% rise in net profit at Rs 38.05 crore for the quarter ended June 30, against Rs 20.94 crore in the same period in the pevious fiscal. Stock Analysts of Emkay Shares has maintained a BUY rating on Godawari Power & Ispat (CMP: Rs 223) with a price target of Rs 418 over long term.