Kolkata-based KKN Group has made entry in the steel making business after getting hold of Balaji Ispat Pvt. Ltd.

The above declaration was made by the company's top representative on Wednesday.

Mr. Kausshik Kumar Nath, KKN Group managing director, stated, "Fortunes of this (steel) industry is expected to look up, with a revival in demand and prices, strong growth in end user industries such as construction, infrastructure, automobiles."

KKN Group is one of the major players in FMCG (fast moving consumer goods) space in eastern India.

Mr. Satyabrata Ganguly, chairman of KKN Group stated, "We have planned to expand further the steel unit, within next three years, for manufacturing of SGCI casting and malleable iron casting, which has tremendous potential in engineering industries, Indian Railways, state electricity boards, wagon builders, automobile industries and other major sectors."

Mr. Gamguly also stated that KKN Group would invest around Rs 60 crore for acquiring Balaji Ispat plus upgradation & growth of the Balaji Ispat's subsisting facility located near Dankuni in Hooghly.

Balaji Ispat Pvt. Ltd produces mild steel ingot and presently, its daily production capacity stands at 72 tonnes per day (TPD).

KKN Group will increase the capacity of the production facility to 170 TPD from 72 TDP.

Besides, the company will also establish a hot rolling mill plus TMT, which will have a total manufacturing capacity of 200 tonnes per day.