Godawari Power & Ispat is planning to invest INR 280 crore over the next 2 years to expand capacity and acquire a majority stake in an iron ore pelletization plant. It would invest INR 235 crore in an iron ore pelletization, beneficiation and crushing plant.

Further it would contribute another INR 45 crore over 18 months to pick up 75% equity in Ardent Steel, which is setting up an INR 180 crore Greenfield 0.6 million tonnes per annum iron ore pelletization plant in Orissa. Ardent Steel is expected to begin production by the third quarter of 2008-09 fiscal.

Recently, Godawari Power has formed a separate subsidiary company in the name of Godawari Power Limited with an objective to set up a merchant power plant. Godawari Power holds 26% stake in a consortium which has been awarded three coal blocks.

It has also been allocated 2 iron ore mines. These coal blocks are under various stages of development and benefits from these are expected to start from 2009-10 fiscal onwards. It reported 81.94% YoY jump in its net profit to INR 949.9 million for the financial year 2008 as compared to INR 522.1 million posted during 2006-07 fiscal.