Calcutta, Aug 31 :    Calcutta, Aug 31:  Ispat Industries Ltd will be able to commission the three million tonne hot rolled coil mill at Dolvi by September next year, according to chairman M.L. Mittal. Addressing the company?s shareholders, Mittal today said the unit has already achieved a 75 per cent capacity utilisation in phase I of its production. ?It will achieve 100 per cent capacity utilisation of 1.5 million tonne by March next,? he said. The Rs 6,050-crore HR coil plant at Dolvi is yet to receive Rs 500 crore loan from the financial institutions for its second phase. P.K. Mittal, vice-chairman and managing director said, ?The FIs have already sanctioned but have not yet disbursed the amount. The promoters are planning to chip in some equity and increase the stake in the company marginally.? The promoters now have a 60 per cent stake in the company. The financial institutions have put certain conditions before disbursing the additional amount. That include a recovery of funds of over Rs 100 crore, which the company has diverted to other group projects. Mittal said they have accepted the FIs? terms and would be fulfilling them in certain schedule. There is no dispute on any issues with the FIs. At today?s AGM, the shareholders unanimously passed all the nine resolutions, including the one which deals with increasing the authorised share capital of the company from Rs 2,000 crore to Rs 3,500 crore. ?This is being dome keeping in view the options exercisable by FIs and banks to convert loans and debentures into equity,? said P.K. Mittal. Replying to the queries of the shareholders, the chairman said the company?s profitability will improve by 2000-01 and will be able to give them dividend by 2002-03. The company has been able to ship 7000 tonnes of HR coils at a f.o.b realisation of $ 230 per tonne in June 1999 to Europe, US and west Asia. Ispat Metallics is setting up a blast furnace for manufacture of pig iron/liquid hot metal. ?Once the blast furnace of Ispat Metallics is commissioned and the captive power plant being set up by Ispat Energy becoming operational, the company will be able to reduce the cost of manufacturing its HR coil,? said the chairman of the company.