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May 11, 2015

SAIL to invest Rs 42000 crore in Bengal

SAIL to invest Rs 42000 crore in Bengal

Maharatna PSU Steel Authority of India (SAIL) will invest an additional Rs 42,000 crore in West Bengal over the next 10 years under its capacity expansion plan. The giant PSU currently has an installed capacity of 19.5 MT; the goal is to achieve a capacity of 50 million MT soon.

SAIL had invested a total of Rs 16,400 crore in IISCO’s modernisation. There is a long term target of 300 MT steel production by 2025 in which West Bengal would have the majority share. Additionally, plans are being simultaneously made for further expansion in IISCO as well as the Durgapur Steel Plant. The total investment in these two projects is estimated to be Rs 35,000 crore.

Since the implementation of the Investment and Industrial Policy of West Bengal 2013, the West Bengal Government has generated a lot of goodwill among industrialists and investors. SAIL having made plans for further investment illustrates the industrial potential of State and the initiative of the West Bengal Government.