BS reported that Adhunik Metaliks has proposed to set up a stainless steel downstream park at Kuarmunda in Sundergarh district.

The park is proposed to come up over 300 acres of land and will house 100 stainless steel downstream units. The estimated investment of each unit is expected to be INR 10 crore with the total projected investment pegged at INR 1000 crore.

Sources said that though, employment will depend on the prevailing situation, the units are expected to provide direct and indirect employment to about 2000 persons. Adhunik Metaliks has already submitted a proposal to the state industry department in this regard and will soon make a presentation before the chief secretary about the project.

As per the plan, the units in the stainless steel park will manufacture kitchen equipments, bathroom fittings, door knobs, window parts and other hardwares. These products enjoy huge market and Adhunik Metaliks plans to bring its existing customers from northern and western parts of the country to set up shops in the proposed park.

Sources added that the downstream industries will be enthused to come to Orissa because of the low labor and power costs and savings of about INR 200 per tonne of stainless steel transported from Orissa to locations like Delhi, Faridabad, Gurgaon, Mumbai and Noida.

However, the Kolkata based company has already proposed the state government to set up an all weather commercial port at Barunei Muhan in Kendarapara district. It will be located near Jambu, 30 kilometers north of Gahirmatha. The first phase investment is estimated at INR 1684 crore, out of which equity component will be INR 344 crore. While it intends to mobilize INR 350 crore in the form of public issue, INR 309 crore will come from the internal accruals of the group.

Sourced further added that besides, about INR 681 crore is proposed to be raised through debt. The port will have initial cargo handling capacity of 10 million tonne, which will be progressively increased to 30 million tonne when the project is fully commissioned. The cargo will mainly consist of coking coal, iron pellet, thermal coal, semi finished steel and finished and raw fertilizers.

(Sourced from Business Standard)