Vishakapatnam to get Rs 650 cr steel industrial park
Apr 30 2014 , Hyderabad
The investment will be made to purchase over 100 acre of land and also comprise 15-20 ancillary units. The total capacity of the industrial park would be around seven to eight lakh tonne, with captive power of 25 mw, it said in a statement.
The industrial park would have facilities like effluent treatment plant, water treatment plant, educational Institute for Diploma in steel industry, truck terminal, container terminal, raw material storage and end product storage house, mechanical sheds, among others.
“This offers a huge business opportunity for companies in India, as the landing costs of raw materials from other countries is cheaper by $5 to $6 in Vizag compared to other states. The city has significant geographical advantages because of the presence of two major ports, better air connectivity, and its strategic location closer to the south Asian market. For this very reason we have already received interest from over 20 companies to establish a base here”, said Rahul Rao, CEO of Lalitanjali Group. According to him, India is expected to become the second-largest producer of steel. “Keeping this in mind, Lalitanjali Group intends to be a helping hand by producing the necessary ancillary products which will help the major players in enhancing their capacities while at the same time generating employment within the region,” he said.