Five steel units to come up in Jharkhand

The Jharkhand government's industry department has signed memorandum of understanding (MoU) with five companies for investments of nearly Rs 4,000 crore in sponge iron, steel, power plant and ferro alloys sectors.

Chennai-based AML Steel and Power Company was keen to set up a sponge iron plant, captive power plant and a TMT bar and rod mill with an investment of 2,000 crore in two phases in Seraikela-Kharswan.

The factory would employ around 1,850 persons. AML has been in steel production for over a decade and had a units in Sri Lanka.

Ramgarh (Jharkhand) based Ispat Pvt Ltd, owned by the Rungta family, would invest Rs 400 crore in a sponge iron unit, captive power plant and steel plant.

Chhatisgarh-based Abhijit Infrastructure Pvt Ltd has proposed to invest Rs 300 crore in Chandwa for setting up a sponge iron plant, captive coal mines and ferro alloys plant. It would employ 660 people.

Ludhiana-based Vallabh Steel Ltd signed an MoU to set up sponge iron, steel and power plants at Dugdha in Seraikela-Kharsawan. Anil Garg, vice-president of Vallabh Steel, said the company had already purchased a 100-acre plot for this purpose. Vallabh would invest Rs 101 crore, Rs 112 crore and Rs 75 crore in phases to complete the project in seven years.

Manoj Kumar Agarwal and Nirmal Kumar Agarwal, directors of Kolkata-based Adhunik Alloys and Power Ltd, promised to invest Rs 990 crore in three phases for sponge iron, power and steel plants near Seraikela-Kandra.

The project would provide direct and indirect employment to around 1,000 persons. The foundation stone of the project would be laid on April 2, they said.