Steel Authority of India (SAIL) is likely to begin work soon on its Rs 35,000-crore steel-cum-fertiliser complex at Sindri in Jharkhand.
“The PSU is in the process of beginning work on its Sindri project comprising a 5.6 million tonne per annum (MT) steel plant,1.5 MTPA urea plant and 1,000 MW power plant at the erstwhile Fertiliser Corporation of India complex,”
a Steel Ministry official said.
The project envisages investment to the tune of Rs 35,000 crore,of which Rs 26,000 crore would be spent on the steel mill and about Rs 4,500 crore on the urea unit,the official said adding the rest amount would be utilised for setting up the power project.
“SAIL has already formed a special purpose vehicle SAIL Sindri Projects Ltd (SSPL) with 89 per cent stake in it while the remaining 11 per cent is held by the FCIL,” he said.
The PSU has in its possession 5,800 acres of land out of which about 4,500 acres is encumbrance free.
The project,which is likely to be completed within four years after construction begins,is likely to provide direct and indirect employment to about 20,000 people,the official added.
Earlier,the Board of Industrial and Financial Restructuring (BIFR) had approved the revival proposal of the closed Sindri fertiliser factory.
The fertiliser factory was referred to BIFR after it was declared a ‘sick unit’ in 1992 along with four other units of Fertiliser Corporation of India.
The government last year cleared SAIL’s proposal to revive the Sindri unit.