NEW DELHI | Aug 18, 2015: Steel Authority of India Limited with its partner Prime Gold Private Limited has set up a steel plant in Madhya Pradesh that is expected to produce one lakh tonne of steel per annum.
While inaugurating the plant, Steel and Mines Minster Narendra Singh Tomar said, with the unit, many employment opportunities will be generated and a number of development avenues will open up for the local population. “This unit is a firm step towards achieving the goals of ‘Make in India’.
The steel sector contributes to more than 2 per cent of the GDP and employs around 6 lakh people and we plan to increase this number manifold,” he said. The unit has been set up in Billowa, Madhya Pradesh under a joint venture.
Prime Gold has 74 per cent stake and SAIL has 26 per cent stake in this unit, which will produce one lakh tonne of world class TMT steel and 60,000 tonne billets will be supplied from SAIL plants to this unit annually, SAIL said.
“The highlight of the unit will be to provide high quality steel at reasonable prices to rural areas around Madhya Pradesh, Uttar Pradesh, Rajasthan, Delhi and Haryana.
(Source: http://www.newindianexpress.com/)