8 more companies to invest in Orissa
Today (May 5), eight companies inked memorandums of understanding (MoU) with the Indian government to build steel plants in Orissa region of India. The plants of these companies will totally have 2.2 million metric tons per annum capacity when they are completed in 5 years. The projects will require Rupees 20 billion ($460 million) investment. These companies are: Patnaik Steels & Alloys Ltd, Rathi Udyog Ltd, Viraj Steels & Energy Ltd, Deepak Steels & Power Ltd, Konark Ispat Ltd, BRG Iron & Steel Co and Jain Sponge (P) Ltd. With these companies, the total number of companies that signed MoUs to invest in the mineral rich region reached 35 with a total investment value of approximately Rupees 190 billion. These projects will yield to 2 million metric tons per annum increase in the steel capacity to reach the overall steel production capacity of the region to 16 million metric tons. Recently, Indian Essar Group and Murugappa Group also signed MoUs with the government to build 4 million metric tons per annum and 1.2 million metric tons per annum capacity plants respectively. South Korean Pohang Iron and Steel (POSCO) is also eyeing to set up an integrated steel plant in the region with 12 million metric tons per annum capacity.