Construction Industry News
Aaress Iron and Steel, a subsidiary of Vijayanagar-based Baldota Group, is proposing to set up an integrated steel plant with a capacity of 3.5 million tons per year (MTPA) with an investment of Rs 180 billion.
The factory will be located in the village of Halavarthi in the Koppal district of Karnataka. Rahul Baldota signed a memorandum of understanding for this project at the Global Investors Meet (GIM) in Bengaluru on Wednesday.
Aaress has already acquired 1,036 hectares of land and is in the process of acquiring another 933 hectares, the company said in a statement, adding that it has already received environmental permits and water withdrawal sanctions. The project will add about 10,000 direct and indirect jobs, it said.
The Baldota Group also signed another MoU with the GIM to set up a 3 MTPA pelletizing plant and a 5 MTPA iron processing plant in Somlapur village of Sandur taluk in Ballary district. The group said it will spend about Rs 16 billion on the project, which will create about 1,000 jobs.
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