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In a bid to bolster its industrial infrastructure and boost economic growth, the Odisha government is gearing up to witness a substantial influx of investment in the stainless steel sector. Jindal Stainless Ltd (JSL), a prominent player in the industry, is spearheading the development of a sprawling stainless steel industrial park spread across 300 acres. The project aims to serve as a significant catalyst for the downstream industry, heralding an estimated investment of ?10,000 crore over the course of 5 to 10 years.
The Jindal Stainless Industrial Park, located as a natural extension of the company's Jaipur manufacturing facility, promises strategic connectivity with major highways and the Paradip port. This strategic positioning ensures a seamless flow of raw materials and the timely dispatch of finished goods. Hemant Sharma, Principal Secretary of the Government of Odisha, expressed optimism regarding the project, which is nearly ready for marketing, highlighting its potential to generate employment for at least 10,000 individuals, with 75-80 Micro, Small, and Medium Enterprises (MSMEs) establishing their factories within the park.
Sharma also outlined the expected timeline for the development of the downstream industry within the park, emphasizing that tube, pipe, and structural manufacturers are set to establish their units within the next 2 to 3 years.
Abhyudaya Jindal, Managing Director of JSL, shared insights into the project's current status, mentioning that the company is awaiting final approvals for road construction and water and electricity connections within the industrial park before engaging with potential MSME investors. Setting up units in close proximity to the source of stainless steel raw materials will reportedly contribute significantly to MSMEs' Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), reducing transportation costs, which can be a major expense for value-added product manufacturers.
The Jindal Stainless Industrial Park is on track for completion within the next two years, with JSL taking the lead in investments and receiving support from the Odisha government.
The Odisha government has also unveiled a special subsidy scheme to entice investments in the stainless steel industrial park. This comprehensive package includes a 20 percent subsidy on capital investment, a power tariff subsidy of ?2/unit, and a 100 percent exemption on electricity duty. Furthermore, it offers reimbursement of the entire contribution to Employee State Insurance and Employee Provident Fund for up to five years.
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