Business India

Odisha invites investments in downstream, stainless steel sectors

In order to promote investments in downstream steel and stainless steel sectors, the Odisha government on Tuesday held discussions with over 70 companies and invited them to invest in the Kalinganagar National Investment and Manufacturing Zone in the state.

To showcase the business ecosystem, available incentives and infrastructure facilities, the Industries Department of the Odisha government held talks with the companies at Kalinganagar.

The meeting was attended by several ancillary firms from Odisha and other states like Jharkhand, West Bengal and Maharashtra.

The Odisha government, which has identified downstream in the steel sector as a focus sector for growth, said it might offer fiscal and non-fiscal incentives based on the investments.

Addressing the downstream and ancillary firms, Industry Secretary Sanjeev Chopra said that Odisha has put in place a comprehensive strategy to accelerate the growth of the downstream sector with committed feedstock and common facilities.

He said the state has undertaken several initiatives over the past years for ease of doing business.

Odisha Industrial Infrastructure Development Corporation (IDCO) Chairman-cum-Managing Director Sanjay Singh said: “Ancillary and downstream industry in the metal sector is a priority sector for Odisha. In order to leverage this industry, the Government of Odisha has developed investment regions and industrial parks including Kalinganagar National Investment and Manufacturing Zone, Downstream Aluminium Park at Angul, Downstream Steel Park at Angul and Stainless Steel Industrial Park at Kalinganagar.”

Sunil Bhaskaran, Vice President (Corporate Services), Tata Steel, said the presence of downstream and ancillary industries is essential to create a favourable ecosystem for smooth functioning of any large-scale steel plant.

Odisha is the largest stainless steel producing state in the country and has 20 per cent of the country’s crude steel making capacity. With the country’s economy expected to grow rapidly in the near future, the requirement for value added products will multiply thus offering a good potential for downstream development in the steel sector, Bhaskaran added.

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