Odisha government approves $250 million investment in steel, downstream projects

Odisha government approves $250 million investment in steel, downstream projects

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The government of the eastern Indian state of Odisha has approved investments worth to the tune of $250 million in steel and downstream plants in the state, a government official said on Friday, October 30.

The official said that the investments would be riding on projects that include a 2 million mt per annum pellet and grinding plant to be constructed by Narbheram Power and Steel Limited, Viraj Steel and Energy Limited’s expansion project to increase steelmaking capacity to 1 million mt per annum from the current level of 0.3 million mt per annum.

Other projects approved included BR Sponge and Power Limited’s expansion project for setting up a 0.21 million mt sponge iron making plant, a 1 million mt per annum iron ore beneficiation plant, a 0.6 million mt per annum pelletization plant, a 0.112 million mt billet production unit and a 24 MW captive thermal power plant.

The official said that, despite the economic slowdown and the impact of pandemic, Odisha was still able to attract fresh investments in core industries like steel and cement on the back of the efficient industrial ecosystem ensured by the state government.

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