Icore Group to invest Rs 5,000 crore in Orissa

To set up a 1.8 mtpa steel plant and a cement crushing unit.

Kolkata-based Icore Group with interests in steel making, cement, gems and jewellery apparel and paints, would invest Rs 5,000 crore in Orissa setting up a 1.8 million tonne per annum (mtpa) steel plant and a cement crushing unit with a capacity of 5,000 tonnes per day.

The integrated steel cum cement complex would come up on 80 acres of land at Somanthpur in Balasore district. The company expects to sign a Memorandum of Understanding (MoU) with the Orissa government within a week for the steel plant as well as the cement crushing unit.

Anukul Maiti, chairman and managing director, Icore E-Services Ltd said, “We are going to sign the MoU with the Orissa government within a week. We have submitted the detailed project report to the Industrial Infrastructure Corporation of Orissa (Idco). The state industries minister Ragunath Mohanty has assured us that land will be alloted soon for the project.”

Initially, Icore will start its steel plant operations with a capacity of 0.36 mtpa at a cost of Rs 1,000 crore and later scale up to 1.8 mtpa. While the cement crushing unit is set to commence operations from December 2010, the steel plant is expected to be operational by March next year.

“Orissa is one of the very highly potential and fastest growing markets in eastern india, and we are keen to be a part of the state's success story. Icore Group will also shortly open a 10,000 sq ft jewellery showroom in Bhubaneswar. which will be the biggest show room in diamond and Gold jewellery in Orissa,” he added.