The union ministry of Commerce and industry, Government of India has notified the Tata Steel multi-product Special Economic Zone (SEZ) (formerly known as Gopalpur SEZ) being developed by Tata Steel earlier this month. However, the approval has been granted only for 500 hectares.
“Our SEZ has been notified earlier this month and we’ve got the approval for 500 hectares only. Our aim is to promote it as a destination for defense production. We are in the process of attract domestic and international investment and so far one Indian company has committed to invest in the SEZ. Our team led by MD Tata steel SEZ has gone to different locations including China, Singapore and Dubai to attract investors and several investors have shown interests in the project.
But obviously, they were looking for more details and the notification before committing any investment. With the notification has come we are hopeful that we will be able to attract more investments for the project. We are setting up a ferrochrome plant and in the first phase of 55,000 MT pa capacity, we are investing INR 5,600 crores. The first phase of the ferrochrome plant is ready, which’ll commence production soon”, said Tata Steel’s Managing Director, T V Narendran.
It may be noted that in earlier this year the Development Commissioner (DC), FSEZ has recommended the Board of Approval under the ministry, that SEZ may be granted another extension of one year till December, 2016.
However, while underlining tepid progress of the project work, DC has recommended that approval may be granted for only an area of 500 hectares, which has already been allotted by IDCO, out of total proposed area of 1,173 hectares and formal approval may be cancelled for the balance land of 673 hectares.
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