Aaress Iron and Steel, a subsidiary of Baldota Group, has proposed to set up and operate an integrated steel plant of 3.5 million tpa capacity. The project will entail an investment of Rs 18,000 crore. The plant will come up at Halavarthi village in the Koppal district of Karnataka.
Baldota Group will sign an MoU for this project at the global investors meet (GIM) in Bengaluru. Aaress has already acquired 1036 acre of land and is in the process of acquiring another 933 acre.
It has already received environmental clearance and water drawl sanctions. The project will add about 10,000 direct and indirect job opportunities.
The Baldota Group will also sign another MoU at the GIM on setting up a three million tpa pelletisation and five million tpa iron beneficiation plants at Somlapur village at Sandur taluk in Ballary district.
The Group will spend around Rs 1,600 crore on the project. The project will add about 1,000 jobs.