MR Dayal Group’s Steel Company Creates Hope For The Economy

With its most recent $22 million steel mill investment, the MR Dayal Group aims to become the largest steel company in Fiji exporting to the Pacific Island countries. This project

With its most recent $22 million steel mill investment, the MR Dayal Group aims to become the largest steel company in Fiji exporting to the Pacific Island countries.

This project will give birth to Fiji’s “only fully-locally owned” state-of-the-art hot steel rolling mill creating around 150 jobs.

This is once again indicative of the importance of local investors and how Government’s investor-friendly policies are encouraging investors to pour money in our economy.

The Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum, officiated at the ground breaking ceremony of the steel mill factory in Yalalevu, Ba, last Thursday.

The MR Dayal Group has had a long 75 years of business history in the country.

It was in early 1950s when the founder, Late MR Dayal acquired a 50-acre property for his business and future generations.

Today, the property has a sawmill spread on 10 acres operating as Dayals Saw Millers Limited, a stone crusher, concrete block manufacturing plant, civil engineering and ready mix concrete batching plant.

This is spread on another 10 acres operating as Dayals Quarries Limited.

And now this steel mill project is coming up on another 10-acre property owned by Dayals Steel Limited.

The steel mill venture is part of the MR Dayal Group’s continued diversification strategy to drive business growth.

And as the Group executive director, Jay Dayal, puts it, the timing could not have been any better.

The investment has been made possible as a result of Government including Ba in the tax-free region, extending it right up to the Ba side of the Matawalu river.

This stimulus provided the group much-needed incentive to embark with the project.

Dayals Steel has been granted a provisional approval for the tax-free region by the Government.

The Dayal Group sold its water bottling business to the Carpenters Group in 2014.

All profits from the sale of the water business is being invested into the steel mill project.

The shareholders decided not to reward themselves with the profit from the sale of business but to reinvest back in the country.

Mr Dayal said this was yet another testimony of their faith, confidence and trust in the country and its future.

The new venture, in addition to employment, is also expected to provide further business to cartage companies, customs agents, revenue for our Government and rejuvenate the economy of Ba and Fiji.

The MR Dayal Group as a whole employs over 400 people in Ba already.

It’s not just employment, but the company expects a reduction in welded meshwire and reinforcement bar prices from next year once they enter into competition.

The MR Dayal Group has more investment plans, that are presently in their due diligence phase and will be announced soon.

Original Article by Rachna Lal on 14 Nov 2016 at 11:06

Article Source: https://fijisun.com.fj/2016/11/14/mr-dayal-groups-steel-company-creates-hope-for-the-economy/