New Delhi: Odisha Chief Minister Naveen Patnaik Thursday laid the foundation stone of India’s first stainless steel park to be built by Jindal Stainless Limited (JSL) in the state at an estimated investment of Rs 1,500 crore.
The park will be constructed in two phases over a period of next six years. It will create a robust ecosystem for the stainless steel industry and promote over 100 downstream and ancillary manufacturers, JSL said in a statement.
“To be built as an extension of JSL’s Jajpur unit, the park is strategically connected with prominent highways. The first-ever stainless steel industrial park in India is expected to boost the metal’s production and demand in east India. Planned in two phases, it has an investment potential of more than Rs 1,500 crore,” it said.
JSL Managing Director Abhyuday Jindal said the project will come up over 271 acres and aims to generate employment opportunities for nearly 19,000 people. The park will enable seamless flow from raw material to finished goods through the network of well connected highways. Moreover, it will be backed by utility services like renewal power, water, and skilled manpower.
The industrial park will help increase the company’s presence in several consumer segments such as automotive, architectural, building & construction (ABC), pipes and tubes, industrial goods, consumer goods, lifestyle, kitchenware, and urban furniture.
The park is expected to witness participation from varied industries, including pharmaceuticals, food processing, petrochemicals and defense.
JSL, the country’s largest stainless steel player, has a melting capacity of 1.9 million metric tonnes (MMT) at its Hisar and Jajpur manufacturing facilities. The company has planned a capacity expansion at its Jajpur facility by FY23 and take the total melting capacity to 2.9 MMT.
PTI