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Odisha offers incentives to lure downstream steel companies

Steel News - Published on Wed, 13 Sep 2017

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Economic Times reported that inviting downstream steel and stainless steel companies to invest in the Kalingnagar National Investment & Manufacturing Zone, the Odisha government said it might offer fiscal and non-fiscal incentives based on the investments. The industries department of Odisha on Tuesday held talks with over 70 companies and invited them to invest in the state's downstream ecosystem. The meet was attended by several ancillary firms from Odisha, Jharkhand, West Bengal, Andhra Pradesh, Kerala and Maharashtra.

Mr Sanjeev Chopra, principal secretary, Odisha industries department said the state has put in place a comprehensive strategy to accelerate the growth of downstream sector with committed feedstock as well as common facilities. He said "A special category has been given to downstream sector in the state's industrial policy and there is great scope for the growth of the sector in the state. This is an opportune time for the industry to closely look at setting up base at Kalinganagar industrial region. Nearly 10% of the land for large projects has been earmarked for setting up ancillary and downstream industrial facilities.

Additionally, basis the nature of investments, the state will provide host of fiscal incentives including power subsidy and various other non-fiscal incentives to the downstream companies," he said.

He said the presence of large steel and stainless steel players like Tata Steel, Jindal Stainless Ltd, Jindal Steel & Power Ltd and Bhushan Steel will ensure raw material for the downstream metal sector like equipment manufacturing, foundries, flat/cold rolled products, fabrication, machining and precision equipment, appliances and white goods, auto components, fasteners and kitchenware in Kalinganagar.

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Posted By : Ratan Singh on Wed, 13 Sep 2017
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