Kolkata, Sep 27 (UNI) Steel major Jai Balaji Industries Ltd has planned to invest Rs 450 crore over the next three years to set up a special economic zone for steel processing in West Bengal.
''We have received in-principle approval from the Government of India to set up an export-oriented SEZ,'' Chairman and Managing Director Aditya Jajodia told reporters after the company's annual general meeting here today.
Mr Jajodia said the company had already identified 300 acres of land near in Bardhaman district for the proposed SEZ.
''The investment will be funded through a mix of internal accruals, debt and issue of fresh equity,'' he said.
With two steel plants in West Bengal and one each in Chhattisgarh and Jharkhand, Jai Balaji has a total steel manufacturing capacity of 1.2million tonnes.
The CMD said the company was expecting approval to start work for a five million ton steel plant, a three million ton cement factory and a 1,215 MW power plant in West Bengal.
The total investment in the project will be to the tune of Rs.
160 billion over a period of ten years.