Aaress Iron and Steel, a subsidiary of the Vijayanagar-based Baldota Group, has proposed to set up and operate an integrated steel plant of 3.5 million tonnes per annum (MTPA) capacity with an investment of Rs 18,000 crore.
The plant will come up at Halavarthi village in Koppal district. Baldota Group company MSPL joint MD Rahul Baldota will sign an MoU for this project at the global investors meet (GIM) in Bengaluru on Wednesday.
Aaress has already acquired 1036 acres of land and is in the process of acquiring another 933 acres, the company said in a statement, and added that it has already received environment clearance and water drawl sanctions. The project will add about 10,000 direct and indirect jobs, it said.
The Baldota Group will also sign another MoU at the GIM on setting up a 3 MTPA pelletisation and 5 MTPA iron beneficiation plants at Somlapur village at Sandur taluk in Ballary district. The Group said it will spend about Rs 1600 crore for the project. The project will add about 1000 jobs, the company said.
