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Home arrow News arrow Business News arrow Amtek Metal & Mining Ltd to invest Rs 15,820 cr for mega auto park in Orissa
Amtek Metal & Mining Ltd to invest Rs 15,820 cr for mega auto park in Orissa Print E-mail
Written by Subash   
Saturday, 20 March 2010
Bhubaneswar: Amtek Metal & Mining Ltd (AMML), a group company of auto parts maker Amtek Auto Ltd, has signed a memorandum of understanding (MoU) with the Orissa government to set up a mega auto park, with an investment of approximately Rs 15.820 crore.

The project involves the setting up of a ferrous foundry, steel fabrication plant, steel forging plants, open die forging plant, aluminium die casting plant,  special fastener plant, alloy steel plant and ring gear blank plant in addition to a 2 million tonne steel plant (2 mtpa) and 500 Mw power plant.

The project will be spread over 2,500 acres at Tangi in Cuttack district of Orissa. Out of this 550 acres will be utilised for the auto park, where Rs 2050 crore is expected to be invested in a phased manner. The company is expected to complete the project in 3 years after it gets land.

The proposed auto park is expected to generate direct and indirect employment for nearly 33,000 people. For skill development, the company will adopt ITIs and the polytechnics in the state to impart training.

Naveen Patnaik said that the creation of an auto hub in the state would maximize employment generation and revenue generation through development of ancillary and downstream industries. He said that the state industrial policy aims to promote maximum value addition within the state.

Shri. N K Taori, managing director, Amtek Metal & Mining Ltd and Shri. Saurabh Garg, the state industries secretary, signed the MoU in the presence of the chief minister Naveen Patnaik at the state secretariat.

 
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