Union Steel Minister inaugurates steel unit at Gwalior

 

The unit has been set up in Billowa, Madhya Pradesh under a Joint Venture. M/s Prime Gold has 74% and SAIL has 26% stakes in this unit, which will produce one lakh tonnes of world class TMT steel and 60,000 tonnes billets will be supplied from SAIL plants to this unit annually. With setting up of the unit, a large number of direct and indirect employment opportunities will also be generated.

In his inaugural address, Tomar said, "With establishment of this steel processing unit, many employment opportunities will be generated and a number of development avenues will open up for the local population. This unit is a firm step towards achieving the goals of Make in India. The steel sector contributes to more than 2% of the GDP and employs around 6 lakh people and we plan to increase this number manifold. The Ministry of Steel in association with the Ministry of Skill Development and Entrepreneurship has taken many initiatives for skill development in the steel sector which will open up new opportunities for employment generation."

The establishment of this steel unit is a novel initiative by the steel ministry for turning the Make in India vision into a reality. The highlight of the unit will be to provide high quality steel at reasonable prices to rural areas around Madhya Pradesh like Uttar Pradesh, Rajasthan, Delhi and Haryana. SAIL will market the steel TMT produced from this unit through its widespread marketing network and shall pay conversion charges on per tonne basis to the JV partner, an official statement said.