Tata Steel SEZ today said it plans to invest about Rs 2,000-2,500 crore for development of infrastructure at Gopalpur in Odisha in the near term.
“We have already spent Rs 1,000 crore to set up a 55,000 TPA high carbon ferro chrome plant and development of infrastructure. Going forward we will invest Rs 2,000 -2,500 crore for the development of further infrastructure in the SEZ,” Tata Steel Managing director T V Narendran told reporters on the sidelines of Make in India conference here.
The SEZ, which is a 100 per cent subsidiary of Tata Steel, has received clearance from Odisha government for setting up an industrial park.
“We got nearly 3,000 acres of land and Tata Steel is already (an) investor in the said unit by setting up ferro chrome plant, which is expected to be commissioned in the near future,” Narendran said.
This is the first time that the Tata group is coming up with a Special Economic Zone (SEZ).
UK-based Meggitt recently decided to produce defence vehicles at Gopalpur, Odisha.
Defence equipment makers will also be a big focus for the SEZ, Arun Misra, Managing Director, Tata Steel Special Economic Zone, said adding that more companies in defence sector are expected to come following the government initiative to encourage manufacturing as part Make in India campaign.
The company is in discussions with investors in China and some South-East Asian countries have evinced interest in investing in the SEZ, Mishra added.
According to him the industrial park will start putting up factory sheds in 3-4 months period and clearance for setting up unit will be given within 15 days period.
The Gopalpur Industrial Park is being developed by Tata Steel to facilitate industrial development of the region and it will primarily attract investments in steel and allied downstream industries, engineering, chemicals and other emerging sectors, besides generating substantial employment opportunities.