Pune-based Bharat Forge Ltd (BFL) has finalised a Rs 6,500 crore plan for setting up a steel plant and a captive power plant in West Bengal.
This is company’s first venture into eastern India
KOLKATA: Pune-based Bharat Forge Ltd (BFL) has finalised a Rs 6,500 crore plan for setting up a steel plant and a captive power plant in West Bengal.
A tripartite memorandum of understand (MoU) was signed on Friday between BFL’s subsidiary Kalyani Steels Ltd, the West Bengal Industrial Development Corporation (WBIDC) and the West Bengal Mineral Development Corporation (WBMDC).
BFL executive director Amit Kalyani said the investment plans include setting up of one million tonne steel plant, along with a 500 mega watt captive power plant. “The steel plant will require an investment of Rs 4,500 crore and the captive power plant will cost Rs 2,000 crore. This will be our first major venture in eastern India,” he said.
State commerce & commerce minister and WBIDC chairman Nirupam Sen said the project has been finalised after a year of prolonged discussion. “WBIDC will help BFL get the land for the project. The land identification process is on and we have tentatively identified the Durgapur-Asansol area in Burdwan district and Shalboni in the West Midnapore district as potential sites for the projects. The land at Shalboni will be close to the proposed project site of JSW Steel,” Sen said. He added that the exact land requirement can be estimated only after the detailed project report is prepared.
The proposed plant will be BFL’s fourth such Indian unit. The company has plants in Andhra Pradesh, Maharashtra and Karnataka. Sen said the proposed venture would provide direct employment to around 3,000 people.
Meanwhile, Kalyani said the company is planning to enter into another agreement with the West Bengal government for setting up a manufacturing cluster for value added steel products. “The demand for value added steel products are on the rise in West Bengal and many companies are interested to take the advantage of the demand growth. We have requested the West Bengal government to identify a suitable land for the project,” he said.
r_sumanta@dnaindia.net
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