 "Balasore Alloys plans new ferro chrome facility at Kalinganagar")
The new ferro chrome unit is expected to be commissioned in phases. The first phase of 0.2 mtpa is scheduled to be operational from 2019-20 before reaching full capacity level of 0.4 mtpa by 2020-21.
"We have sought 520 acres of contiguous land from Idco (Odisha Industrial Infrastructure Development Corporation) for the Kalinganagar facility. The detailed project report (DPR) along with composite application form has been filed with Ipicol (Industrial Promotion & Investment Corporation of Odisha Ltd) for single window clearance and approval for land, water and electricity", said a company source.
The proposed Kalinganagar facility is set to generate annual turnover of Rs 2,800 crore for Balasore Alloys. The plant would generate direct and indirect employment for around 5,000 people. For the government, it will spell revenue gain of Rs 345 crore per annum by way of royalty, duties and taxes. Also, the plant is tipped to generate foreign exchange earnings worth $350 million.
Balasore Alloys has a manufacturing facility of 145,000 tonne per annum at Balgopalpur in Balasore district. It has acquired both the loss making ferro chrome units and needs government approvals to revive their operations. It acquired Rohit Ferrotech's 0.2 (mtpa) plant at a cost of Rs 1108 crore in February this year. The Jabamoyee ferro chrome unit of much lesser capacity (21,000 tonne) was taken over at an investment of Rs 40 crore.
The company's ore linkage permission from its captive chromite mine at Kaliapani to the Rohit Ferrotech plant is pending with the state steel and mines department since February this year.