The company has set an ambitious target of making the units operational in the next two years

BHUBANESWAR: In a major boost for Odisha’s defence manufacturing sector, Kalyani Steels Ltd on Friday inked a pact with the state government to set up an integrated specialty steel, titanium metal and aerospace components manufacturing complex in Dhenkanal district.

Director of Kalyani Steels Ltd Amit Kalyani signed the MoU with managing director of IPICOL Bhupendra Singh Poonia in the presence of Chief Minister Naveen Patnaik. The complex, to come up at an investment of Rs 11,750 crore, is expected to create 10,000 jobs.

Speaking on the occasion, Naveen said Odisha marks its grand entry into a highly advanced and precision manufacturing sector by welcoming Kalyani Steel’s integrated project that include a titanium metal and alloy mill, an aerospace components facility and an automotive component unit.

“This project will also catalyse the growth of MSMEs, spurring development of a vibrant ecosystem of ancillary industries and OEM suppliers while providing many more employment opportunities. The project is a perfect match for our aspirations of creating an ecosystem conducive to new-age industries,” he said.

Kalyani Steels will set up the integrated complex on around 1,100 acre at Gajamara in Dhenkanal district. It will invest Rs 6,626 crore for a 0.7 MTPA manufacturing unit of specialty steel and auto parts and Rs 5,124 crore on aerospace and defence components unit. The company has set an ambitious target of making the units operational in the next two years.

The company’s director underscored the project’s significance as a milestone in its long-standing relationship with Odisha while promising mutual growth and prosperity. “We strive to establish a mutually beneficial connection, promoting both development and innovation with the integrated complex. It will create a wealth of opportunities for high skill employment,” said Kalyani, who is also the joint MD of Bharat Forge.

Minister for Industries, MSME and Energy Pratap Keshari Deb, chairman of 5T initiatives and Nabin Odisha VK Pandian and other senior officers attended the program.

(With Agency Inputs)