WBIDC, Abhijit sign Rs 18,000 crore MoA

Memoranda of agreement (MoA) worth Rs 18,000 crore were signed by Adhunik Corporation and Jas Infrastructure Capital Ltd, part of the Abhijit group, with the West Bengal Industrial Development Corporation (WBIDC) for setting up steel projects.

Adhunik Corporation, part of the Adhunik group of industries having interests in steel, cement, power and mining, would be setting up a 1.1 million tonne integrated steel plant with a 1,000MW captive power plant and a one million cement land at Raghunathpur, Block II, in the Purulia district of West Bengal.

The investment would be around Rs 7,200 crore. WBIDC and West Bengal Mineral Development and Trading Corporation (WBMDTC) would facilitate land, coal and water for the project.

Mahesh Agarwal, managing director, Adhunik Corporation said, the project would generate direct employment for 2,000 people and indirect 3,000.

The investment in the Abhijit group would be Rs 10,800 crore, comprising a two million tonne steel plant and 850MW captive power plant.

M R Goswami, vice president (corporate affairs), Jas Infrastructure Capital said, the total land requirement would be 2,500 acres.

The first phase of one million tonne steel plant and part of the power project would entail an investment of Rs 7,000 crore.

The company has already applied for coal blocks with the central government. "The state government will have to recommend our case," said Goswami. The first phase would be completed over the next five years. The location of the Abhijit group's project was north of Asansol.