Policy for Small

Bhubaneswar, Aug 30 (UNI) Orissa Chief Minister Naveen Patnaik today announced that a new policy for the development of small and medium industries would be formulated soon in the state.

Laying the foundation of an auto component complex, the first of its kind in Orissa at Mania near Tangi in Cuttack district, Mr Patnaik said basic infrastructure and other facilities were essential for the development of small and medium scale industries.

He said his government would soon announce a new industrial policy exclusively for the small and medium scale industries, adding a new Industrial Park would be set up at Choudwar by the state undertaking Industrial Development Corporation (IDCO) under the public private partnership mode.

The Chief Minister said the state government would encourage downstream and ancillary industries in the Steel and Aluminium sectors.

The government, he said, had accorded permission to three cement plants to produce 7 million ton cement per annum using blast furnace slag and flying ash.

The complex promoted by Jamshedpur-based RSB Transmissions Limited, one of the country's leading auto component manufacturers, would come up in the next four years at an investment of Rs 360 crore.

UNI