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Several Indian steel & related sector companies signed MoU with Jharkhand government in 2 day investor meet at Delhi. The two-day Summit witnessed a commitment of nearly INR10,000 crore worth investments in Jharkhand in the coming months, leading to around 20,000 direct and around 1.5 lakh indirect employment. Wooing investors, Jharkhand Chief Minister Mr Hemant Soren also unveiled the Industrial and Investment Promotion Policy 2021, which was passed by the state cabinet couple of months back. He said “The state government wants to move forward with the cooperation of the investors. We are trying to leverage the infinite resources that nature has gifted to Jharkhand and walk the path of development.”
State owned Steel Authority of India Ltd expressed commitment to invest INR 4,000 crore in the next three years in Jharkhand to augment capacity of its Gua mines. The investment will be to expand the capacity of SAIL's captive Gua mines to 10 million tonnes from the existing 4 million tonnes. As SAIL deepen the mines, the quality of ore becomes inferior, hence SAIL is going for a beneficiation technology there to upgrade ore quality from existing 61% to 63%% along with a 4 million tonne pallet plant in three years
Tata Steel has expressed commitment to invest INR 3,000 crore in Jharkhand in the next three years to augment capacities of coal and iron ore mines and downstream value added steel portfolio
The Dalmia group signed the MoU pledging investment worth INR 758 crore in the field of cement grinding, solar power generation and municipal waste management
Adhunik power pledged investment worth INR1900 crore in developing an industrial park.
Under the new policy, the state is offering subsidy up to INR 25 crore, besides up to 100%subsidy on state GST for up to 9 years. In the case of ultra-mega projects, the state GST subsidy will be 75% for up to 12 years on a case to case basis. Additional subsidy has been assured for companies that have 35 percent of their staff from schedule caste and schedule tribe communities.