Odisha CM lays foundation stone for stainless steel industrial park

New Delhi: The Chief Minister of Odisha Naveen Patnaik along with Jindal Stainless's Managing Director (MD) Abhyuday Jindal laid the foundation stone of the stainless steel industrial park through a virtual ceremony held in Bhubaneswar on Thursday on the sidelines of the Make in Odisha Conclave 2022. "This stainless steel industrial park in India is expected to boost the metal's production and demand in east India, and support the government's objective to catapult the iron and steel industry in the state to greater heights," the company said in a statement.

To be built as a natural extension of Jindal Stainless' Jajpur manufacturing facility, the park is strategically connected with prominent highways for timely supply of raw materials and dispatch of finished goods. Planned in two phases over six years, the industrial park has an investment potential of more than Rs 1500 crore. The Park is expected to create a robust ecosystem for the stainless steel industry, and promote over 100 downstream and ancillary manufacturers.

Sharing his view on the development, Jindal said, "We intend to make Odisha a name to reckon with in the global stainless steel industry. We want to achieve 360-degree integration in both production and business functions. On one hand, the Industrial Park will enable seamless flow from raw material to finished goods stage. On the other, it will empower all related stakeholders through assured procurement and sales, capacity development, employment generation, infrastructure modernization, socio-economic development, and industrial maturity – leading to overall economic growth."

The strategically located downstream park will have advanced logistics services like wider loop roads and ample parking space. Moreover, it will be backed by utility services like renewal power, water, and skilled manpower. These parameters make the Stainless Park an attractive destination for entrepreneurs to set up their plants. It will give a push to the augmented demand for the creation of smart cities. Using its five decades of operational experience, Jindal Stainless will impart specialized technical and skill training to the working demographic through a dedicated Training Center. The company also has a co-branding scheme which would be extended to the target products & applications range.

"With its just-in-time logistical supply chain model, the Industrial Park will save time and reduce the cost of secondary and tertiary industries that are dependent on the steel industry for their primary raw material," the statement added.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)