The Dayal Group of Companies executive director, Jay Dayal, has launched a $22 million steel factory venture in Ba.

There will be substantial internal funding for this project by the company and it is also partially funded through a loan from Westpac.

The steel venture will include a steel hot rolling mill to produce rebars, a fully automated high speed mesh welding production line, roll forming production line for corrugated roofing iron, trim decks, tiles and purlins.

The production of corrugated roofing iron, colour bond (ppgi), ridge cap and flashing started on September 6.

The welded mesh wire will be available from April 2017 and rebars in plain and ribbed surface ranging from 6mm to 32mmin G300 and G500 will be available from October 2017.

Mr Dayal has confirmed receiving a provisional tax free region approval from the Minister for Economy, Aiyaz Sayed-Khaiyum.

He said upon completion of the project, they will then apply for 13-year tax free holiday.

“This was one of the things which has given us to impetus to go ahead with this project,” Mr Dayal said.

The investment see also create employment for 150 people in Ba, he said.

They will also create their own 4MW power supply through their own power plant which they are also investing in.

Mr Dayal said they had to opt for this as the Fiji Electricity Authority would not have the capacity to provide this additional power supply.

At the same time, they will use 50-80 tonnes of local waste oil per month in their furnace.

Through this venture, the Dayal Group is not only aiming to target the local market but also the regional market for exports.

Mr Dayal said they hope to export around 30,000 tonnes a year in the regional especially to the Melanesian Spearhead Group countries.

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