A new Steel Processing Unit established under Public Private Partnership between SAIl and Prime Gold Private limited at Gwalior was inaugurated by Union Steel Minister on Monday.
The unit has been set up in Billowa, Madhya Pradesh under a Joint Venture. M/s Prime Gold has 74 per cent while SAIl has 26% stakes in the unit, which is capable to produce one lakh tonnes of world class TMT steel. A total of 60,000 tonnes billets will be supplied from SAIl plants to this unit annually.
With opening up the unit, a large number of direct and indirect employment opportunities will also be generated.“With establishment of this steel processing unit, many employment opportunities will be created and a number of development avenues will be opened for its locals. This unit is a firm step towards achieving the goals of Make in India,” said Tomar in his inaugural speech.
“The steel sector contributes to more than 2% of the GDP and employs around 6 lakh people and we plan to increase this manifold. The Ministry of Steel in association with the Ministry of Skill Development and Entrepreneurship has taken many initiatives for skill development in the steel sector which will open up new opportunities for employment generation,”
he added.
“This is a novel initiative by the steel ministry for turning the Make in India vision into a reality,” he said.