Kalyani Steels to Invest Rs 11,750 Cr in Odisha Manufacturing Unit

Bhubaneswar, Feb 23 (PTI) Kalyani Steel Ltd on Friday signed an MoU with the Odisha government to set up a manufacturing facility with an investment of Rs 11,750 crore.

The project for manufacturing titanium metal, aerospace and automotive components and advanced speciality steel at Gajamara in Dhenkanal district will create 10,000 job opportunities, the company said in a statement.

Chief Minister Naveen Patnaik said the collaboration will harness opportunities for the state to emerge as a high-skill job creator.

“By welcoming Kalyani Steels' project, including a titanium metal and alloy mill, an aerospace components facility, and an integrated automotive component unit, Odisha marks its grand entry into a highly advanced and precision manufacturing sector," he said.

Patnaik also said the project is a "perfect match for our aspirations for creating an ecosystem conducive to new-age industries".

The chief minister also said the project would catalyze the growth of micro, small and medium enterprises (MSMEs), spurring the development of a vibrant ecosystem of ancillary industries and OEM (original equipment manufacturer) suppliers, providing many more employment opportunities.

Kalyani Steels Ltd Director Amit Kalyani said the project signifies a milestone in the company's long-standing relationship with Odisha and promises mutual growth and prosperity.

He also said, “By starting our operations in Odisha's dynamic environment, we strive to establish a mutually beneficial connection, promoting both development and innovation, while creating a wealth of opportunities for high-skill employment.