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Sharma Harps on Speciality Steel

Bhubaneswar: Hemant Sharma, Principal Secretary Industries Friday said that the newly inducted Product Linked Incentive (PLI) scheme on speciality steel will improve the production capacity to 60 MTPA from 18 MTPA.

Mr.Sharma also invited various steel companies to set up their units in Odisha to produce Speciality Steel.

Speaking at awebinar “Production Linked Incentive (PLI) Scheme for Speciality Steel Industry of Odisha” jointly organised by industry body FICCI and IPICOL, Mr.Sharma highlighted the strategic importance of Odisha for the steelmakers such as the abundance of mineral and human resources, high quality industrial and logistic infrastructure, advanced policy framework and most importantly the stable governance.

The Union Cabinet has approved a ₹6,322 crore production-linked incentive (PLI) scheme for speciality steel that is expected to attract investments of around ₹40,000 crore and Odisha being a leader in the steel sector will further extend the necessary help to the downstream industries to multifold the production.

In the webinar attended by leading steelmakers across India, MD IPICOL Bhupendra Singh Poonia said, “We are doing reforms and taking proper measures to make the state more industry-friendly and has also invited all the companies to visit and explore the investment opportunities in Odisha.”

A presentation on the PLI scheme and the advantages of Odisha for the downstream industry was also given to the potential investors.

Industry leaders and senior officials from the Union Governement and Odisha including MD JSPL VR Sharma, Director SRTMI Mukesh Kumar, CGM IPICOL Kalyan Mohanty, Director Finance MIDHANi Gowri Sankara Rao, CEO ESL Steel Navnath Laxman Vhatte, ED Alloy Steel Producers Association Anil Dhawan, Secretary Steel Wire Manufacturers Association of India Tirthankar Banerjee, Executive Vice President (Sales & Marketing) JSW Steel Ltd Sanjay Jayram, Chief Regulatory Affairs, Tata Steel Ltd Pankaj Satija also participated in the virtual webinar.

Notably, Odisha has been consistently adding steel manufacturing capacity, which has gone up from 2 MT in the year 2000 to 20 MT in the year 2020.

Several steel and downstream industries are already in various stages of implementation.

With the new opportunities in the downstream sector, the State will soon achieve Chief Minister Naveen Patnaik’s Vision-2030 of making Odisha, the “Steel Hub of India”.