$22 Million Steel Venture For Dayals

The company is fully locally owned and the profits would be invested in Fiji   Dayals Steel Limited, a subsidiary of  M R Dayal Group of Ba are expanding their

The proposed construction site in Ba.Photo: Supplied.

The company is fully locally owned and the profits would be invested in Fiji

Dayals Steel Limited, a subsidiary of  M R Dayal Group of Ba are expanding their coverage span by tapping into a steel mill investment project valued at $22 million.

The investment would be targeted at production of  round steel bars, placing Dayals as the largest steel rolling mill in Fiji and the Pacific islands with production output capacity of over 150,000 tonnes per year.

Dayal Steel executive director, Jay Dayal said the steel mill would be in full production next year and commissioned in  Yalalevu, Ba.

“With growing investor confidence, construction industry growth and the positive investment climate offered by the Government of Fiji, we have decided to embark upon this substantial investment”, he said.

“We will create 150 new jobs, new skill set, introduce modern technology, create export market opportunities for Fiji and drive competition.”

“We thank the Government for creating an investor friendly climate for existing and potential investors,” he said.

Mr Dayal said the company is fully locally owned and the stakeholders are assured that the profits would be invested in Fiji as the business does neither practice nor support transfer pricing.

“We believe it undermines our economic growth. So far $3.5 million has been committed in the project and preliminary civil works should be completed within two months,” he said.

He said Dayal Steel will offer other manufactured steel products in addition to steel bars and all their products would adapt to the applicable standards, such as AS/NZS 4671 and the new business would be ISO certified.

“We understand that our capacity far exceeds local demand but our focus will be to create sizeable export market in the Pacific for Made in Fiji steel,” he said.

Future plans:

“This current project is the first phase but we will probably look at our second phase after this project is completed,” he said.

The next project would involve further expansion of the steel mill for the manufacturing of more steel products and the second phase is completed by end of next year but the main target right now is the completion of the first phase.

Original Article By: Salote Qalubau, Lautoka for Fiji Sun on 16 Dec 2015 at 12:38

Article Source: https://fijisun.com.fj/2015/12/16/22-million-steel-venture-for-dayals/