BHUBANESWAR: In a significant development, JSW Steel Limited of Jindal Group, a leading manufacturer of integrated steel has expressed its intent to set up a mega steel project of 10 million tonne capacity in Jagatsinghpur district.
The company has proposed to set up a integrated steel project with a captive power plant of 900 MW capacity with an investment of `50,000 crore.
The investment proposal assume significance in the back drop of Korean steel major Posco backing out of its steel project in the district. Posco-India which has handed over about 1,700 acres of land near Paradip in Jagatsinghpur district has recently requested the State Government to take back the land.
The State level single window clearance authority (SLSWCA) on Saturday recommended two project proposals of JSW Group including the steel project to the high-level clearance authority (HLCA) headed by Chief Minister Naveen Patnaik.
An industrial infrastructure investment proposal of `3,700 crore by JSW Infrastructure, another subsidiary of JSW Group, was also referred to the HLCA. While the steel project has employment potential for 30,000 people, the infrastructure project proposed to create employment opportunities for 350 people.
The SLSWCA meeting chaired by Chief Secretary A P Padhi cleared two project proposals worth `152 crore and recommended seven other projects to the HLCA.
The projects approved by the single window authority include the expansion plan of Ori Plast Limited’s manufacturing facility at Balasore and a `73-crore project proposal of PK Nayak, proprietor of Hotel Eden Rock, in tourism sector.
Of the seven projects recommended to the HCLA include the `10,000 crore investment proposal of Nalco in aluminium sector and National Mineral Development Corporation’s proposal worth `1,300 crore in the metal sector.
The single window authority has also recommended an investment proposal of `4,252 crore of Bhusan Power and Steel in downstream sector.
The other proposals recommended to the HLCA include OCL India’s investment plan of `1,995 crore in cement manufacturing and `1,750 crore investment proposal of Deepak Fertilisers and Petrochemicals Corporation Limited in chemicals and petrochemicals. The nine projects have the potential to create employment opportunities for about 39,545 people.