Ganesh Super TMT, Bihar’s only listed TMT enterprise, has planned an expansion of its production capacity to 25000 MT. The new facility will be located in the Muzaffarpur district.
The Government of Bihar has been taking several initiatives to bring industrialisation to the state. From hosting investor summits to partnering with banks to boost the MSME sector and developing infrastructure in the state in terms of roadways, bridges and building Bihar’s first intermodal inland waterways cargo terminal.
Ashok Kumar Bajoria, Managing Director, Ganesh Foundry and Casting Limited, says, “We want to support the Government’s efforts of bringing in industrial growth in the state. Our production capacity expansion will help us meet rising demands from our patrons. This will also help create employment,”
The growing demand for steel all over the world is anticipated to boost the TMT steel bar market by 2028. This is poised to reach USD 23.58 billion by the year 2028, growing at a CAGR of 9.5%. Steel demand in India might reach 170 MTPA by 2024-25 and 300 MTPA by 2030. India is presently the world’s second-largest steel manufacturer. The Union Steel Ministry predicts that India’s steel output will double in the next decade, rising from 120 million tonnes to 240 million tonnes. The Government has waived customs duty on the import of some raw materials used by the steel industry, a move which will lower the cost for the domestic industry and reduce the prices. Also, to increase domestic availability, the duty on exports of iron ore has been hiked up to 50 per cent, and a few steel intermediaries to 15 per cent, according to a notification. This has given the industry a much-needed boost, thereby encouraging steel and TMT companies to expand their operations.