Kalyani Steel to establish a Titanium Metal & Aerospace Components Manufacturing and Integrated Advanced Specialty Steel Automotive Components Manufacturing Complex in Odisha

In an unprecedented move set to redefine Odisha's industrial landscape, Kalyani Steels Limited (KSL) has signed a Memorandum of Understanding (MoU) with the Government of Odisha for the establishment of Titanium Metal & Aerospace Components Manufacturing and Integrated Advanced Specialty Steel and Automotive Components Manufacturing Complex in Odisha. This strategic partnership aims to set up a comprehensive manufacturing complex at Gajamara, Dhenkanal, highlighting KSL's foray into the state amidst keen interest from various regions.

This groundbreaking initiative, with an investment of Rs. 11,750 Crores is set to generate over 10,000 jobs, significantly bolstering employment in Odisha. The Odisha Government's tailored incentive package for this project underscores its dedication to industrial innovation and growth, aiming to elevate the state's position in key manufacturing sectors. This venture is anticipated to not only enrich Odisha's industrial domain but also enhance India's manufacturing prowess on a global scale.

Speaking on the occasion, the Hon'ble Chief Minister of Odisha, Shri Naveen Patnaik, expressed enthusiasm for this collaboration, highlighting its alignment with the state's vision to harness opportunities in emerging sectors for high-skill job creation. He said, "By welcoming Kalyani Steel's project, including a Titanium Metal and Alloy Mill, an Aerospace Components Facility, and an Integrated Automotive Component Unit, Odisha marks its grand entry into a highly advanced and precision manufacturing sector. With an investment of Rs. 11,751 Crores, this venture is set to revolutionize our industrial landscape, providing over 10,000 job opportunities in highly skill-oriented trades. This project is a perfect match for our aspirations for creating an ecosystem conducive to new-age industries."

He further added, "This project will also catalyze the growth of MSMEs, spurring the development of a vibrant ecosystem of ancillary industries and OEM suppliers, providing many more employment opportunities. Therefore, this project is a perfect match for our aspirations for creating an ecosystem conducive to new-age industries."

On skill development, the Hon'ble Chief Minister added, "Kalyani Steel's commitment to skill development will definitely ensure broad-based benefits, elevating local workforce capabilities in advanced manufacturing sectors like metal downstream, automotive, and defence manufacturing."

Shri Amit Kalyani, Director, Kalyani Steels Limited, and Joint MD, Bharat Forge underscored the project's significance as a milestone in their long-standing relationship with Odisha, promising mutual growth and prosperity. He added, "By starting our operations in Odisha's dynamic environment, we strive to establish a mutually beneficial connection, promoting both development and innovation, while creating a wealth of opportunities for high-skill employment. This reflects our strong belief in the potential of Odisha and our commitment to positively influence its economic framework."

This partnership between Kalyani Steel and the Government of Odisha marks a significant milestone, positioning the state as a leading destination for innovative and sustainable industrial projects.

The MoU signing ceremony was attended by Hon'ble Chief Minister, Shri Naveen Patnaik; Shri Pratap Keshari Dev, Minister Industries; Shri V K. Pandian, Charmain 5T Initiatives; Shri Amit Kalyani, Director, Kalyani Steels Limited, and Joint MD, Bharat Forge; Seniors Officers of Govt of Odisha; representatives of leading industry associations, technical and professional educational institutions.

Shares of Kalyani Steels Limited was last trading in BSE at Rs. 832.00 as compared to the previous close of Rs. 816.25. The total number of shares traded during the day was 54051 in over 3230 trades.

The stock hit an intraday high of Rs. 888.00 and intraday low of 818.00. The net turnover during the day was Rs. 46132450.00.

Source : Equity Bulls

Keywords

KalyaniSteels INE907A01026 MoU GovernmentofOdisha TitaniumMetal AerospaceComponents AutomotiveComponents