Visakhapatnam To House India's First Steel Park

[ARYA]

VISAKHAPATNAM: Hyderabad-based Lalitanjali Group has announced that it will be setting up the country's first integrated steel industrial park at Parawada in the city at a cost of Rs 650 crore. 

To begin with, the group will be shelling out around Rs 100 crore to buy over 100 acres of land for setting up the park comprising 15-20 ancillary units along with an anchor unit. The remaining Rs 550 crore would be spent on setting up common infrastructure for the park. 

The overall capacity of the industrial park would be approximately 7-8 lakh tonnes per annum, with a 25MW captive power plant, the company release said. 

Commenting on the development, Lalitanjali Group chief executive officer Rahul Rao said in a statement, "The park offers a huge business opportunity for companies in India as the landing cost of raw materials from other countries is cheaper by $5 to $6 in Vizag as compared to other states. The city has a significant geographical advantage because of the presence of two major ports, better air connectivity, and its strategic location closer to the South Asian market." 

Rao added that nearly 20 companies have already evinced interest in setting up shop at the park.