The city-based Rashmi Group has declared that it will invest over Rs 10,000 crore in Bengal. The investment will include a 400 MW captive power plant in Purulia and a 2.8 million tones per annum (MTPA) integrated steel plant. According to a state official, the project has been given 938 acres of land by the state government, and the handover process is in progress. In order to expedite approvals, it has been granted "ultra mega project" status.

Key Highlights

• Rashmi Group plans a ₹10,000 crore investment in Bengal, setting up a 2.8 MTPA steel plant and 400 MW captive power facility.
• The project is backed by fast-track “ultra-mega project” status with 938 acres allotted, and expected to generate around 18,000 jobs. 

The Rashmi Group anticipates receiving land by the end of the year, according to Jayanta Ghosh, vice president of corporate affairs. "The project will be completed by 2030," he stated. Ghosh claims that internal accrual, debt, and, if necessary, equity will be used to finance the project. It is anticipated that the project will generate 18,000 new jobs.

According to LB Chourasia, the group's joint president, "Rashmi Group's growth is deeply aligned with Bengal govt's vision for inclusive, industrial growth-led development." "Our investments demonstrate both our faith in the state's potential and our dedication to establishing Bengal as a major East Asian powerhouse. "Our dedication to the state's economic and social progress is the foundation of every investment, job created, and innovation introduced," Chourasia continued.

At the moment, the group runs 0.2 MTPA of aluminum and 8.3 MTPA of integrated iron and steel capacity. Pellets, sinter, pig iron, sponge iron, ductile iron pipes, billets, aluminum, TMT bars, and wire rods are among its products.

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Additionally, it operates a 1.9 MTPA cement manufacturing facility and produces 1,050 MW of electricity through independent power projects and captive plants. It is also developing five coal mine blocks in Jharkhand and Bengal.