Speciality steelmaker Mukand Ltd [Get Quote] is planning to set up a stainless steel wire manufacturing facility near Nashik, at a total investment of Rs 300 crore (Rs 3 billion).

The proposed facility, which will be set up at Sinnar area of Maharashtra Industrial Development Corporation, is expected to be operational in the next 12-15 months.

"With an aim to meet the market demand, the company is setting up a steel wire manufacturing facility at Sinnar, 30 kms from Nashik. The company has already acquired 44.65 acre of plot from MIDC at Sinnar and will shortly commence construction there. The proposed facility will cover a built-up area of 15,000 sq mts and company's investment in this project will be around Rs 300 crore (Rs 3 billion)," the company sources said.

Mukand Ltd is a multi-product, multi-division company involved in the manufacture of speciality steels, heavy machinery and in the construction of highways.

The company is a leading supplier of alloy steel to the automobile and auto component industry and a leader in the manufacture of high-grade stainless steel in India.

With manufacturing facilities in Dighe (Thane) at Maharashtra and Ginigera at Karnataka, Mukand produces hundreds of grades of steel long products in the form of wire rods, bars, wires and bright bars.

Besides, the company is also in the last phase of expanding and modernising both its facilities at Dighe and Ginigera, which will take the company's total annual steel making capacity to half a million tonnes of speciality steel long products. The company has just commissioned and installed third mini blast furnace at the Ginigera.