Chhattisgarh to get Rs.427.6 bn in steel sector

August 9th, 2008 - 4:12 pm ICT by IANS  

Raipur, Aug 9 (IANS) As many as 20 steel makers have signed separate deals with the Chhattisgarh government that will bring investments worth Rs.427.61 billion ($10.2 billion) to the state, a senior minister said here Saturday. “Twenty investors have signed memorandums of understanding (MoUs) with the state government late Friday here for bringing in Rs.427.61 billion either for expansion of their existing units or setting up fresh units,” Industry Minister (independent charges) Rajesh Munat told IANS.

Jindal Steel and Power Ltd (JSPL), which has a steel plant in the state’s Raigarh district, has pledged investments worth Rs.183 billion, the minister said.

The other major companies that have signed contracts are VISA Steel Ltd (Rs.47.5 billion), SKS Ispat and Power Ltd (Rs.36.11 billion), Surya Global Steel (Rs.30 billion), Jaiswal Nicco Ltd (Rs.20.2 billion), Nalwa Steel and Power Ltd (Rs.31 billion) and Godavari Power and Ispat Ltd (Rs.15.7 billion).

Munat said investors would bring in money in a scheduled time period as per Chhattisgarh’s industrial policy and the government would take care of their raw material needs besides water and land requirements. According to him, about 40,000 people will get employment in the upcoming units.

Chhattisgarh has around 20 percent of the country’s total iron ore deposits with the world’s finest quality iron ore stocks in the state’s southern region, Bailadila hills of Dantewada district.

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