L&T targets Rs. 30,000cr expansion in Orissa

Orissa : Construction and engineering major Larsen and Toubro Limited (L&T) in a mega investment drive has decided to set up one more power plant and also a steel plant involving an additional investment worth Rs. 30,000cr. The latest investment is in addition to the Rs. 55,000cr it has already committed for alumina and power projects and with this the total investment of the company in Orissa has gone up to Rs. 85,000cr. The company is setting up new steel plant with a capacity of three million metric per annum (mtpa) whereas in the new 2,000mw power plant the state government is also partnering with the company with an expenditure of about Rs. 10,000cr.

According to the President Sailendra Roy, the company had in its earlier initiative has sought approval for the 2000mw power plant with a land requirement of about 1,200 acres near Dhamra port as the company is also setting up a three million tons steel plant together with a captive energy plant near the Paradip port at an investment of about Rs. 20,000cr for which it has already identified 600 acres land and once a memorandum of understanding is inked with the state, it would start work on the projects in question. Of the total Rs. 85,000cr investments targeted for the state, Rs. 20,000cr would be spent on the steel plant and Rs. 21,000cr is being invested in power projects and the remaining portion of the funds would be pushed into the aluminum project, he clarified.