Orissa signs deals for 10 steel plants

It was a mass marriage scripted in steel.

The Orissa government inked deals with 10 companies for setting up steel plants at a mass MoU (memorandum of understanding) signing ceremony here.

The new proposals, all medium sized ventures, envisage a combined capacity of 2.70 million tonne at an investment of Rs 2,655 crore. With this the number of companies with whom Orissa has signed MoUs for setting up of steel plants in the last one year has gone up to 25.

There were 40 proposals received by the state government for setting up of plants with a combined capacity of 44 million tonne, at an investment of Rs 1,08,000 crore.

Of the deals concluded till last week, only three "" those of Tata Steel, Jindal Steel and Power and Sterlite Iron and Steel Company "" are mega ventures while the rest are small and medium sized. Most of these are located in Sundargarh, Jajpur, Cuttack, Dhenkanal, Jharsuguda and Sambalpur districts.

The latest bunch of companies which signed MoUs with the Orissa government were OCL India for a 0.25 million tonne steel plant at an investment of Rs 204.21 crore, AML Steel and Power (0.275 million tonne, Rs 208.67 crore), Maheswari Ispat (0.25 million tonne, Rs 210.00 crore), Monnet Ispat (0.25 million tonne, Rs 281.09 crore), Aryan Ispat & Power (P) (0.30 million tonne, Rs 393.14 crore), Action Ispat & Power (0.25 million tonne, Rs 270.00 crore), Agrim Steel Industries (0.357 million tonne, Rs 501.73 crore), Sree Metaliks (0.25 million tonne Rs 190.44 crore), MAL Industries (0.27 million tonne, Rs 335.25 crore), MSP Metaliks (0.26 million tonne, Rs 260.59 crore).

Addressing newsmen before the signing of MoUs, chief minister Naveen Patnaik, who presided over the function, said that many of the projects will be rapidly pursued with the signing of MoUs.

Over the next 3 to 5 years, when the plants actually begin production, the state will derive substantial benefits not only by way of direct taxes but also by both direct and indirect employment and the establishment of down-stream industries and services.