Vishakapatnam to get Rs 650 cr steel industrial park

Tags: News
Infrastructure engineering and supply chain management company Lalitanjali on Wednesday said it would set up a steel industrial park at Vishakapatnam, with an investment outlay of Rs 650 crore.

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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • FDI in insurance must be allowed with a rider to increase penetration

    The Union cabinet has cleared the proposal to raise foreign direct investment (FDI) in the insurance sector through the FIPB route from the current 26

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

Which is safer? Flying or driving?

The recent tragedies involving the Taiwan’s TransAsia Airways flight, and ...

Parvez Imam

Revisiting history can do us all good

We often think that we understand history. We read it ...

Bubbles Sabharwal

Your happiness doesn’t depend on your needs

They are two different words (and even worlds) altogether: having ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture