Gadchiroli Welcomes Second Steel Unit with Rs. 10,000 Crore Investment

Surjagad Ispat Private Limited is set to invest Rs. 10,000 crore in establishing an integrated steel plant in the insurgency-affected Gadchiroli dist, announced Deputy Chief Minister Devendra Fadnavis on Tuesday. This marks another significant steel project in the region following Lloyds Metals and Energy Limited’s (LMEL) unit.

LMEL, with an iron ore mine in Surjagarh area of Gadchiroli, is initiating the setup of an integrated steel plant in Konseri, 80km away from the mining area. The new entrant, Surjagad Ispat, will be contributing to the district's industrial growth, known for its prevailing Maoist insurgency.

Deputy Chief Minister Fadnavis mentioned that a memorandum of understanding (MoU) worth over Rs 45,000 crore is expected to be signed at the World Economic Forum (WEF) summit in Davos. Chief Minister Eknath Shinde is scheduled to attend the summit, where proposals from both Surjagad Ispat and LMEL will be included.

Fadnavis stated, “Surjagad Ispat has engaged us for several months finally culminating in its plan of putting up a greenfield integrated steel plant at Gadchiroli with an investment of Rs 10,000 crore.” The venture is anticipated to generate 8,000 jobs, and the signing of the MoU is a significant step towards the realization of the project.

The company has been in discussions with the government for the past nine months, and the announcement follows the completion of financial closure. The project is also expected to attract Foreign Direct Investment (FDI), contributing to the economic development of the region.

ET