The government of eastern Indian province of Odisha has framed an industrial policy offering fiscal and non-fiscal incentives for investments in downstream value added steel projects in the region, a government official said on Wednesday.
He said that the Odisha government will be willing to offer fiscal incentives including electricity subsidy and non-fiscal incentives like demarcated industrial zones close to existing integrated steel mill in the province.
The quantity of fiscal benefits that will be offered to investors will be based on project parameters in sectors like steel customization and fabrications, capital goods manufacturing involving steel, value addition to cold rolled coils, auto components and fasteners.
The incentives aim to attract more value adding steel projects in existing industrial zones already created by the Odisha government like “Steel Park” at Angul and the “Stainless Steel Industrial Park,” at Kalinganagar.
Kalinganagar is the location of number of steel mills including Tata Steel’s 3 million mt per year steel mill and undergoing expansion to 6 million mt per year.