JSPL to invest Rs 500 cr on downstream park

Jindal Steel & Power Ltd (JSPL) has committed an investment of Rs 500 crore for a downstream industrial park in Orissa.

This is the latest in a string of investment plans announced by the company in the state which includes a greenfield steel plant, a coal to liquid project and a proposed deep sea port.

The steel company on Tuesday signed a Memorandum of Understanding (MoU) with the state government for setting up the park at Parang in Angul district. The downstream industrial park is expected to attract investments of Rs 5,000 crore besides generating employment opportunities for 32,000 people, both direct and indirect.

The park is also set to generate tax revenue worth Rs 700 crore per annum for the state government.

The pact was signed between T Ramachandru, principal secretary (industries), Orissa government and Anand Goel, joint managing director of JSPL.

The park, to come up over 1,400 acres of land, is expected to be operational by the end of 2014. It will focus on medium and small scale downstream units that would both add value and result in increased industrial activity.

The industries targeted for the park include steel rolling and other mills for downstream steel products, forging units, beam welding plants, ferro alloy units, pipe manufacturing units, galvanizing and colour coating units, foundries as well as food processing and coal storage units.

JSPL has successfully implemented an industrial park at Punjipathra in Raigarh district of Chhattisgarh, fuelling development and growth in the state. Spread across 750 acres and taken up at an investment of Rs 265 crore, the park at Raigarh has been strategically designed to fulfill the company’s objective of developing the backward areas of Chhattisgarh.