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Kalyani Steel on Friday signed a memorandum of understanding (MoU) with the Odisha government through which it will invest ₹11,750 crore for setting up manufacturing plants in the state.
The iron and steel forging company will invest ₹6,626 crore in 0.7 MTPA manufacturing complex for steel and auto parts.
"This is to inform you that the company has signed a Memorandum of Understanding (MOU) with the Government of Odisha today i.e. on February 23, 2024, expressing an intent to set up a 0.7 MTPA Integrated Advanced Specialty Steel and Automotive Components Manufacturing Complex with an estimated investment of ₹6,626 crore," it said in a filing.
It will invest another ₹5,124 crore in aero, defence parts plant.
"Phase 1 of Integrated Titanium Metal / Alloy and Aerospace and Defense Components Manufacturing Plant of 10,000 TPA capacity with an estimated investment of ₹5,124 crore, in Odisha," the statement read.
Both the company and the Odisha government said the detailed terms and conditions for the implementation of the MOU shall be drawn up subsequently.
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