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Bhubaneswar (Orissa) : Ratan Jindal led JSL Limited (formerly known as Jindal Stainless Limited) has signed a memorandum of understanding (MoU) with the Orissa government on Wednesday for setting up a stainless steel park at Kalinga Nagar Industrial Estate in Jajpur district with an investment of Rs 704 crore.
The proposed park would generate direct and indirect employment opportunities for about 3800 and1200 persons, respectively. The project would ensure high tax receipts of around Rs 140 crore for the state government in the first five years in terms of excise and income tax value added products.
As per the MoU, JSL will develop the park and provide all infrastructures like boundary wall, roads, drains, research and development centre, power and water supply, railway network, township, school and hospital. Architectural products, surgical and hospital equipment, hardware, stamping and forging, cold rolling, and re-rolling mills, tube and pipes, heat exchangers, heavy machinery capital goods, kitchenware, lifestyle products and stainless steel composite panel manufacturing units will come up in the park.
Proposed project to be set up over 300 Acres of land, the park will accommodate 71 units, including a service centre adjacent to JSL’s integrated stainless steel plant at Kalinga Nagar. This would be a natural extension to its 1.6 million TPA Integrated Stainless Steel project as units set up in this Stainless Steel Park will use the finished products from JSL plant.
This would also help the units in getting assured supply of their key raw materials.
Speaking on the occasion, the Chief Minister Naveen Patnaik said the Government of Orissa for the last one decade has been following a policy of value addition within the state as far as minerals are concerned. As a result, Orissa is emerging as the metal, mining and manufacturing hub of country. As many as 29 steel plants have come into production. Simiraly Aluminia and Aluminium production has witnessed a quantum jump, he said.
He further said that the state is now poised to move up on the ladder of industrialization by establishing more and more ancillary and downstream industries. The huge investment in steel, Aluminium and power and other allied sector will create vast opportunities for ancillary and downstream industries in the small and medium sector in orissa.
