Odisha may produce over 1/3rd of steel in India by FY31: CM Mohan Charan Majhi
Several domestic steel majors, including
Tata Steel
,
JSW Steel
and
Jindal Steel and Power
are set to add steel production capacities in Odisha over the next few years, CM Mohan Charan Majhi said.
South Korean major POSCO, in collaboration with JSW Steel, will also be setting up a steel plant in the state at an investment of '35,000-40,000 crore in the first phase, Majhi told ET in an exclusive interaction. This will mark POSCO's return to the state after its failed attempt to set up a steel plant in 2005. "We plan to have 130 million tonne of steel production in the state by 2030-31. Several plants are already under construction, and we have also signed several MoUs and are in discussions with several other players," Majhi said.
Odisha is currently the largest steel producing state in the country with an annual production of 40 million tonne. The National Steel Policy envisions 300 million tonne of steel production capacity in the country by FY31, and Odisha aims to produce more than a third of the country's steel by then.
Jindal Steel and Power, which currently has a 6 million tonne plant in the state's Angul region, is doubling capacity at the unit, which is expected to be commissioned next month. The company eventually plans to add another 13 million tonne of capacity at the unit, making the 25 million tonne unit the largest in the world.
While Tata Steel will expand capacities at both Kalinganagar and NINL, JSW Steel is developing an integrated steel plant of over 13 million tonne at Paradip. AM/NS India, too, is setting up a 24 million tonne plant at Kendrapara.
Apart from steel, chemicals, petrochemicals, textiles and agri industry players will invest in the state, he said. "There will be several ancillaries to chemicals and petrochemicals, and these will emerge as an alternative to the steel industry," Majhi said. State-owned
IOC
, in its largest-ever investment at a single location, will put '61,000 crore to set up a petrochem complex at Paradip.
The eastern state will complete 100 years of its creation in 2036, and the state aims to become a $500-billion economy by then, said Majhi. "Our GDP is currently growing at over 7%, and we plan to take this to over 9%, as we create a prosperous and developed Odisha over the next 12 years," he said.
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