State-run Steel Authority of India's (SAIL) commenced the revival of its Jagdishpur facility, laying the cornerstone for a novel TMT bar mill at the project site.

In a declaration, the company said, "Steel Secretary Atul Chaturvedi and SAIL Chairman C. S. Verma laid the foundation stone of a TMT bar mill of 1.5 lakh tonne per annum (TPA) capacity. This is a part of SAIL's plan to revive and develop the steel plant of erstwhile Malvika Steel Ltd (MSL)."

SAIL bought the assets of MSL during February last year under Debt Recovery Tribunal-I and later renamed it to Jagdishpur SAIL Unit (JSU).

The initial stage of units's revival plan is approximated to cost around Rs 100 crore.

Moreover, the steel behemoth declared that the company would establish a 475 MW gas-fired power facility at its Jagdishpur unit in Uttar Pradesh.

The company is ready to form a joint venture for the purpose. (With Inputs from Agencies)