Bengal Steel Industry Hopeful Of Attracting Rs 8,000 Crore Investment Over Five Years

Kolkata, Aug 20 (KNN) West Bengal's steel manufacturing sector is preparing for significant expansion with two prominent industry players announcing major investment commitments totaling Rs 8,000 crore over the next five years.

The investments are aimed at enhancing production capacity to address growing market demand in the region, reported TOI.

Shakambhari Group, an integrated steel manufacturing conglomerate, has outlined plans for a substantial Rs 5,000 crore investment to establish a new steel production facility in Purulia district.

The project timeline extends to 2030-31, marking one of the largest industrial investments in the state's steel sector in recent years.

Simultaneously, Adukia Industries, another Bengal-based steel manufacturer, has committed Rs 3,000 crore toward expanding the capacity of its existing operations in Purulia over the same five-year period.

This investment represents the company's strategic response to increasing demand and national steel production targets.

The investment announcements were made during the opening day of Bigmint India Ferrous Week, a three-day industry conference organised jointly by the Steel Re-Rolling Mills Association of India (SRMA) and the West Bengal Sponge Iron Manufacturers Association (WBSIMA).

The event serves as a platform for industry stakeholders to discuss market developments and expansion strategies.

Deepak Kumar Agarwal, Chairman and Managing Director, Shakambhari Group, detailed the company's expansion strategy during the conference.

He highlighted the group's track record of reviving distressed manufacturing units over the past decade and its diversification into aluminum production. The company currently operates manufacturing facilities across Durgapur, Asansol, and Purulia districts.

Agarwal confirmed that Shakambhari Group has secured 500 acres of land at Raghunathpur in Purulia district for its integrated steel plant project.

The facility represents the company's largest single investment commitment and is expected to significantly boost the region's steel production capacity.

Vivek Adukia, Director, Adukia Industries and Chairman of SRMA, emphasized West Bengal's strategic advantages for steel manufacturing expansion.

He specifically mentioned the availability of substantial land resources at Junglesundari in Purulia and Panagarh Industry Park in West Burdwan district as key factors supporting the industry's growth prospects.

Adukia Industries currently operates six manufacturing units across West Bengal, including two facilities each in West Burdwan and East Burdwan districts, one unit in Purulia, and a casting operation in Howrah.

The company's expansion plans align with national steel production objectives outlined in government policy frameworks.

The investment announcements come against the backdrop of India's National Steel Policy 2017, which established a target of achieving 300 million tonnes of crude steel production capacity by 2030.

According to industry data, the country had reached 156 million tonnes of production capacity by March of the current year, indicating steady progress toward the national goal.

The combined investments by Shakambhari Group and Adukia Industries are expected to contribute significantly to West Bengal's position in India's steel manufacturing landscape while creating employment opportunities and supporting regional economic development over the coming years.

(KNN Bureau)