Lalitanjali Group to set up steel park in Vizag

Lalitanjali Group, a leading infrastructure engineering and supply chain management firm, has announced it will set up a steel industrial park in Vishakapatnam with an investment of Rs.650 crore.

The group is in the process of purchasing over 100 acres of land in the coastal city. The proposed park will comprise of 15-20 ancillary units guided by a pilot company.

The overall capacity of the industrial park would be approximately 7-8 lakh tonnes, with captivate power of 25 Megawatt, said a company statement here.

The industrial park would house state of the art facilities like effluent treatment plant and water treatment plant besides labor quarters, an educational institute, container terminal, raw material storage and mechanical sheds.

"This offers a huge business opportunity for companies in India as the landing costs of raw materials from other countries is cheaper by $5-6 in Vizag compared to other states," said Rahul Rao, CEO, Lalitanjali Group.

"The city has a significant geographical advantages because of the presence of two major ports, better air connectivity, and its strategic location closer to the South Asian market," he said.

He said the group had already received interest from over 20 companies to establish a base in the proposed park.