Four MNC steel-makers keen on investing Rs.96,000 crore in state

14 Jun, 2021

Four multinational steel manufacturers – Hyundai Steels, POSCO, Tsingshan Holdings and JSW Steel – are among 49 big corporates that have evinced interest in setting up their units in the State.

The aggregate investment likely to be made by them is about Rs.1,25,572 crore. The investment of the four private sector steel giants having a global footprint is of the order of Rs.96,000 crore.

Hyundai Steels and POSCO are likely to invest Rs.42,000 crore and Rs.30,000 crore respectively, and the other two RS.12,000 crore each, according to the Industries Department officials.

Panasonic, Phillips Carbon, Aditya Birla Group, Voltas, Patanjali Ayurved, TATA Coffee, Mondelez, Haier and IFB are some of the other large / mega companies that have shown interest in tapping the potential in the State.

High EoDB ranking

The government is in active discussions with them and is expecting that the reforms, which have earned it high Ease-of-Doing Business ranking, will clinch a good number of the deals.

In the last two years, 65 large and mega industries have invested nearly Rs.29,790 crore and generated employment for over 45,000 people, the official say.

Besides, the State attracted Foreign Direct Investment (FDI) aggregating to nearly Rs.2,115 crore between October 2019 and March 2021.

Reforms

Under the Industrial Development Policy 2020-23, the government is providing tailor-made incentives, including fiscal, for projects generating employment for more than 2,000 people.

The land allotment policy has been revamped in order to reduce the upfront cost and curb land hoarding by unscrupulous investors, which is a bane for the genuine ones.

Land is now being allotted on lease-plus-buy model. Another significant thing is establishment of YSR APOne, a dedicated cell with a digital interface for the much-needed business facilitation.

Source: The Hindu