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| Valley gets Rs 150 Cr steel investment | | | EARLY TIMES REPORT
SRINAGAR, Sept 22: Union Steel Minister Ram Vilas Paswan today said state-run steel company SAIL would invest Rs 150 crore, up by Rs 60 crore from its earlier plan, for setting up a steel processing unit in Pulwama district of Jammu and Kashmir.
"The SAIL will invest Rs 150 crore instead of earlier Rs 90 crore in this steel processing unit," Paswan said after laying the foundation stone of the one lakh-tonne per annum unit in Lassipora Industrial estate, around 50 kilo metres from Srinagar.
Paswan directed the SAIL authorities to expedite work on the unit, which would produce finished products like TMT bars and galvanised corrugated sheets, so that it can be made operational by January 26, 2010.
"The SAIL authorities will ensure that the unit is completed within 15 months and should be operational by January 26, 2010," the minister said.
He said the unit, which is coming up on an area of 25 acres, will provide employment to nearly 5,000 people.
Paswan said he will direct SAIL to recruit the manpower for the unit locally.
"Whenever I have come to Kashmir, people have told me that unemployment is a big problem in the state ...So we decided to do our bit by setting up this plant here which will provide employment to locals directly as well as indirectly," he added.
Expressing gratitude to state government for expeditious processing of land for the steel unit, Paswan told the SAIL authorities to present their requirements to the governor's administration in the state if they needed any further assistance.
On the progress made in Steel sector in the country, Paswan said the steel production will reach 124 million tonnes within the next three years.
"When I took over the ministry, the steel production was 39 million tonnes while today it has crossed 59 million tonnes. In the next three years, we will touch the production target of 124 million tonnes while the production of steel from SAIL plants will also be doubled," he said. |
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