Odisha bets big on speciality steel

Bhubaneswar The newly inducted Product Linked Incentive (PLI) scheme on speciality steel will improve the production capacity to 60 MTPA from 18 MTPA, said Principal Secretary, Industries Department of Government of Odisha, Hemant Sharma and invited various steel companies to set up their units in Odisha to produce speciality steel.

He was speaking at the webinar on "PLI scheme for speciality steel Industry of Odisha" jointly organised by national industry body FICCI and the Industrial Promotion & Investment Corporation of Odisha Limited (IPICOL). He highlighted the strategic importance of Odisha for the steelmakers such as the abundance of mineral and human resources, high quality industrial and logistic infrastructure, advanced policy framework and stable governance.

The Union Cabinet has approved a Rs 6,322 crore PLI scheme for speciality steel that is expected to attract investments of around Rs 40,000 crore and Odisha being a leader in the steel sector will further extend the necessary help to the downstream industries to multifold the production.

Bhupendra Singh Poonia, IPICOL MD, said, "We are doing reforms and taking proper measures to make the State more industry-friendly and has also invited companies to visit and explore the investment opportunities in the State.

A presentation on the PLI scheme and the advantages of Odisha for the downstream industry was also given to the potential investors.