Navyug Steel is going to sign a memorandum of understanding (MoU) with the Orissa government to set up a 12 million tonne steel plant, investing Rs 34,000 crore, in the state.
The south Indian company is proposing to set up this port-based steel plant near Astarang in Puri.
With this, the total number of 12 million tonne capacity steel projects in Orissa will become four. Earlier, Posco-India, Mittal, Jindal Steel had signed their respective MoUs for setting up steel projects with the same capacity in the state.
The Orissa government’s single window, headed by chief secretary Ajit Kumar Tripathy, has cleared the project on Monday. The MoU for the project will be signed once it gets the nod from the high-powered committee headed by chief minister, Naveen Patnaik.
The single window, in fact, had cleared six projects with a total investment of Rs 55,750. The other projects are of Emami Pagers, Purba Bharati Paper and Power Ltd, Bhushan Steel, Reliable Sponge and Reliance Industries Ltd.
Emami Papers is porposing to expand its capacity and product mix with an investment of Rs 500 crore. It is now planing to have facilities to produce 1.32 lakh tonne of newsprint per annum. Purba Bharat Papers in planning to invest Rs 90 crore to expand its capacity.
Similarly, Bhushan Steel is proposing to expand capacity of its Meramundali plant in Dhenkanal to 9 million tonne from the present 3.1 million tonne, with an investment of Rs 20,804 crore.