Steel companies to set up eight plants in Orissa with Rs.120 billion

摘要

Orissa will see a flood of steel plants in the near future with at least eight of them in final stage with an investment of around Rs.120 billion. These eight plants are from the 17 proposals that had been put forward between 1990 and 1995. The O P Jindal group plans to set up a 1.8 million-tons per annum stainless steel plant in three phases at Duburi, which has the basic infrastructure and other facilities. The project cost is pegged at Rs.50 billion. The Biju Patnaik government during their tenure had raised Rs.1.3 billion through steel bonds to build a mega steel complex at Duburi in the early 1990's, barring the Nilachal Ispat Nigam Limited and the Mesco Group's yet to the completed steel plant not a single steel unit could come up there due to a glut in the steel market and other factors.