Surjagad Ispat secures higher state incentive for steel plant in Gadchiroli
Surjagad Ispat
, the company that has proposed a Rs 10,000 crore steel plant in Vadlapeth village in Gadchiroli district, secured a higher incentive to the tune of 150% of the amount invested in the project.
The decision came over a fortnight ago. This will be the second major steel plant coming up in the
Maoism-affected district
. Earlier, the govt offered an incentive of 110% as part of the moves to boost industrial projects in the area.However, the company insisted that the incentive, which mainly comes in the form of state goods and services tax (SGST) refund, should be increased to at least 150%. This was considering the risk in north Gadchiroli due to the presence of Maoists.
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A higher incentive would lead to bankers' confidence in granting funds for the project.
The state finally agreed, said sources who are part of the development, giving a boost to the company's plans.The company also held a public hearing to get environmental clearance for the Valadpeth project in March. A final clearance is expected soon, said sources. Lloyds Metals and Energy Ltd (LMEL) is already building a plant in the district, as JSW announced a plan to set up the world's largest steel plant at Gadchiroli earlier this year.Vardaan Group, a company held by the same promoters of Surjagad, also signed a memorandum of understanding (MoU) with the state govt to set up a lithium refinery for an investment of Rs 42,000 crore in Nagpur. The company will also mine lithium in Zimbabwe. The state govt plans to develop Gadchiroli as a hub for steel industry.
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