Tata Steel’s Odisha industrial park receives maiden investment

Bhubaneswar, Oct 28:

Mumbai-based Sure Safety Solutions has become the first company to set up base at Gopalpur industrial park of Tata Steel in Odisha’s Ganjam district, where it would manufacture aerial targets for the defence sector with an investment of Rs.50 crore.

The groundbreaking ceremony for the first assembly line of the project — to be set up in collaboration with Megitt Defence of United Kingdom — was held on Wednesday at the industrial park being developed by Tata Steel special economic zone (SEZ) Ltd.

Industry Minister Debi Prasad Mishra, Science and Technology Minister Pradeep Panigrahi, Berhampur legislator Ramesh Chandra Chyyau Patnaik and Tata Steel officials were present on the occasion.

Sure Safety Solutions would invest Rs.25-30 crore in the first phase of the assembly plant spread over five acres, company president and CEO Ravi Agarwal said. He said the project would begin production by end of January 2016.

An assembly line for aerial targets would come up first, followed by servicing of Meggitt’s over $50 million order from the Indian defence ministry for aerial targets.

“We are looking forward to many more such investments and opportunities in this industrial park in the coming days. We are in discussion with investors in China and other south-east Asian countries that have shown interest,” said Arun Misra, Managing Director, Tata Steel SEZ Ltd.

Industry Minister Debi Prasad Mishra said the state government would provide all assistance to industries through various policies.

Tata Steel SEZ, a 100 percent subsidiary of Tata Steel, is developing the park to facilitate industrial development and thus contribute to the holistic development of the region.

A total of 1,235 acres of land was registered in the name of Tata Steel SEZ in the first phase. (IANS)