Metal giant Sterlite is setting up a 5 million tonnes per annum integrated steel plant in Orissa at an estimated investment of Rs 12,500 crore. This is one of the largest investments ever made in Orissa after Posco Steel of Korea announced its intention to invest Rs 40,000 crore in a greenfield steel plant.Tata Steel has also announced it would invest Rs 11,500 crore in a steel and power plant in Orissa. Tisco will also invest in a Orissa port along with L&T.Sterlite Iron & Steel Company Ltd will generate employment to 8,000 persons and will be based 18 kilometers from Keonjhar. The project will be implemented over the next 3 to 4 years. An MoU between the company and Orissa government was signed in Bhubaneshawar on Friday.Sterlite is investing close to Rs 20,000 crore in Orissa in the next four to five years in alumina and steel sector. The government of Orissa is providing approximately 3,500 acres of land, the requisite quantity of iron ore, water and coal as per its existing policy which gives preference to investors who make value addition to its rich mineral resources within the state.Sterlite has hired one of the leading consultancy organisations M.N. Dastur & Company Pvt Ltd for its steel project as consulting engineers.The construction work on the group’s Rs 4,000 crore alumina refinery plant at Lanjigarh in the Kalahandi district was in progress and was likely to be commissioned by March, 2007.The land acquisition for the main plant had been completed while the ministry of environment and forest had granted environmental clearance for the alumina refinery project.The group, which has a strong presence in the aluminium sector under the banner of Bharat Aluminium Co Ltd (Balco), Madras Aluminium Co Ltd (Malco) and India Foils Ltd (IFL), was implementing expansion projects at Balco and Hindustan Zinc collectively to the tune of Rs 6,500 crore. The group has also offered to buy residual stake in Balco but the UPA government has not taken any call on this issue.Orissa is turning out to be a big investment destination for global and Indian companies, especially for mineral-based industries.
