The Board of Directors of Gallant Ispat Limited, at their meeting held on September 11, 2023, has approved the setting up a new Direct Reduced Iron (DRI) Kiln having a capacity of 1,65,00O MTPA at the Company's manufacturing facilities at Gorakhpur, Uttar Pradesh. The total investment towards the project which is expected to be operational in the first quarter of FY2025 is INR 125 million. The project will be fully financed out of internal accruals.

50 million per annum on sale of DRI (Sponge) produced in this new kiln. These sales will further increase State Goods and Services Tax (SGST) refund by INR 25 million, under the lncentive Scheme of the Government of Uttar Pradesh.