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Kalyani Steel Signs MoU With Odisha For Multi-Billion Investment In Advanced Manufacturing

Updated: Feb 24, 2024 06:20:11pm

Kalyani Steel Signs MoU With Odisha For Multi-Billion Investment In Advanced Manufacturing

Odisha, Feb 24 (KNN) Kalyani Steel Ltd (KSL) has inked a monumental Memorandum of Understanding (MoU) with the state of Odisha, signalling a game-changing investment worth Rs 11,750 crore. 

The investment is earmarked for pioneering ventures in Titanium Metal and Aerospace Components Manufacturing, alongside an Integrated Specialty Steel and Automotive Components Manufacturing Complex. 

Anticipated to generate a staggering 10,000 employment opportunities, this initiative marks a significant stride in both economic and industrial development.

The announcement, made on Friday, garnered praise from Odisha Chief Minister, Naveen Patnaik, who lauded the partnership for its strategic alignment with the state's vision for fostering high-skill job creation, reported TOI. 

Patnaik emphasised the transformative impact of integrating emerging sectors into Odisha's economic landscape.

"By welcoming Kalyani Steel's ambitious project, which encompasses a Titanium Metal and Alloy Mill, an Aerospace Components Facility, and an Integrated Automotive Component Unit, Odisha is poised to emerge as a frontrunner in advanced and precision manufacturing," stated the Chief Minister, reflecting the optimism surrounding the collaboration.

Set to be established in Gajamara, Dhenkanal district, the KSL complex is not only projected to catalyse direct employment but also stimulate the growth of ancillary industries, particularly micro, small, and medium enterprises (MSMEs). 

Chief Minister Patnaik underscored Kalyani Steel's commitment to skill development, emphasising its potential to enhance the capabilities of the local workforce. 

With a focus on sectors like metal downstream, automotive, and defence manufacturing, the project promises to elevate the skill set of individuals, thus ensuring broad-based benefits for the community.

Amit Kalyani, Director of KSL, hailed the upcoming venture as a landmark moment in the enduring partnership between the company and Odisha. 

He expressed confidence in the mutual prosperity that the project would usher in, emphasising the role of innovation and development in driving sustained growth.

"By establishing our footprint in Odisha's dynamic industrial landscape, we endeavour to forge a symbiotic relationship that fosters innovation and prosperity, while simultaneously creating avenues for high-skill employment," remarked Kalyani, underscoring the shared commitment to progress.

(KNN Bureau)


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