JSW Steel on Monday said its subsidiary has received the environmental clearance to set up a Rs 65,000-crore steel plant in Odisha. The company will set up the plant at Paradip in Odisha, where the South Korean steel giant Posco was keen to set up a Rs 52,000-crore steel plant.
In 2005, Posco had entered into a pact with the Odisha government to set up a steel unit but dropped the plan after facing stiff opposition from the locals for more than a decade.
"JSW Utkal Steel Ltd (JUSL), a wholly-owned subsidiary of JSW Steel Ltd… has today received the environmental clearance for setting up of a greenfield Integrated Steel Plant (ISP) of 13.2 million tonnes per annum crude steel from the Union Ministry of Environment & Forest and Climate Change (MoEF&CC),” it said in a statement.
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The capital expenditure for the project is likely to be Rs 65,000 crore. The environmental clearance was given after successful public hearings, the company said, adding that the phase-wise work for the project will begin once the Odisha government hands over the land to the firm.
”The project is one of the largest in the manufacturing sector in the country,” it claimed. The mega project will generate huge employment opportunities in the region, which in turn will boost the economy of Odisha, it added.
Also read: Godrej Industries launches financial services arm Godrej Capital; commits Rs 1500-cr investment
(Edited by : Anand Singha)
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