Diversified conglomerate Essar Group has firmed up plans to invest over Rs2,000 crore to set up a new cement and ferroalloy unit in Madhya Pradesh as part of its mega-investment programme in the state.
The group, which has already committed investments worth around Rs8,000 crore in the state across sectors like steel, power and telecom, entered into a pact with the Madhya Pradesh government for a cement and ferroalloys project at the global investor summit at Khajuraho on Saturday.
"We have signed MoUs for setting a cement plant and a ferro-alloys plant with a total investment of over Rs2,000 crore. We are happy to participate in the growth potential of the state and be a part of industrial development of this state," Essar Group chairman Shashi Ruia said.
The group will set up a cement plant with an annual production capacity of five million tonnes. The plant will be built in two phases, with 2 million tonnes of capacity established in the first stage. The 1-lakh tonne per annum ferroalloy plant will be built in two phases of 50,000 tonnes each.
"The state offers significant growth opportunities in every sector of the economy, whether it is agro and food processing or manufacturing or power generation or tourism or services and higher education. This, coupled with excellent irrigation facilities, self-sufficiency in power, abundant natural resources, skilled manpower and above all, the favourable investment climate created by chief minister Shivraj Singh Chauhan, makes the state a must destination for investment," Ruia said.
To create a talent pool for its projects in the state, Ruia said the Essar Group aims to establish a training academy to impart technical skills to the locals.
"We would like to set up an academy for training the youth of this state in the field of various engineering skills and thereby empower them. We have recently started this process at our Hazira facility and over 250 boys and girls have been enrolled in this academy and at the end of their education, they would be armed with requisite technical skills and knowledge," he added.
The group runs an integrated steel plant in the port town of Hazira, Gujarat.