You are here: Home » News-IANS » Business-Economy
Business Standard

Odisha invites investments in downstream, stainless steel sectors

IANS  |  Bhubaneswar 

In order to promote in downstream steel and stainless steel sectors, the on Tuesday held discussions with over 70 companies and invited them to invest in the Kalinganagar National Investment and Manufacturing Zone in the state.

To showcase the business ecosystem, available incentives and infrastructure facilities, the Industries Department of the held talks with the companies at Kalinganagar.

The meeting was attended by several ancillary firms from and other states like Jharkhand, West Bengal and Maharashtra.

The government, which has identified downstream in the steel sector as a focus sector for growth, said it might offer fiscal and non-fiscal incentives based on the

Addressing the downstream and ancillary firms, Industry Secretary Sanjeev Chopra said that has put in place a comprehensive strategy to accelerate the growth of the downstream sector with committed feedstock and common facilities.

He said the state has undertaken several initiatives over the past years for ease of doing business.

Industrial Infrastructure Development Corporation (IDCO) Chairman-cum-Managing Director Sanjay Singh said: "Ancillary and downstream industry in the metal sector is a priority sector for In order to leverage this industry, the of has developed investment regions and industrial parks including Kalinganagar National Investment and Manufacturing Zone, Downstream Aluminium Park at Angul, Downstream Steel Park at Angul and Stainless Steel Industrial Park at Kalinganagar."

Sunil Bhaskaran, Vice President (Corporate Services), Tata Steel, said the presence of downstream and ancillary industries is essential to create a favourable ecosystem for smooth functioning of any large-scale steel plant.

is the largest stainless steel producing state in the country and has 20 per cent of the country's crude steel making capacity. With the country's economy expected to grow rapidly in the near future, the requirement for value added products will multiply thus offering a good potential for downstream development in the steel sector, Bhaskaran added.

--IANS

cd/vgu/bg

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 12 2017. 20:56 IST
RECOMMENDED FOR YOU