Baldota Group to invest Rs 54,000 cr to set up steel plant in Karnataka
Bengaluru, Feb 10 (PTI): Ahead of the Global Investors Meet (GIM), the Karnataka government received a major boost as the Baldota Group announced an investment of Rs 54,000 crore to set up an integrated steel plant in Koppal taluk with a production capacity of 10.50 million tonnes per annum.
A government statement said the company will sign a Memorandum of Agreement during the GIM on Tuesday in the presence of Chief Minister Siddaramaiah.
"Rahul Kumar N Baldota, Joint Managing Director of the Baldota Group, made this announcement," it said.
"The new steel plant will be established under the name Baldota Steel and Power Limited (BSPL) in Koppal. According to Rahul Kumar Baldota, this project will significantly boost steel production in Karnataka and generate large-scale employment opportunities for locals," the statement said.
"Our vision is to make Baldota a leading company in the country. This project will undoubtedly become Karnataka's pride in the steel industry," it quoted Rahul Baldota, as saying.
ALSO READ: Karnataka expecting Rs 10 lakh cr investment commitments in investor meet: Minister MB Patil
The Baldota Group is a leading player in mineral exploration, mining, industrial gases, pellet production, wind power, shipping, and waste treatment products. It also operates iron ore mines in Karnataka.
With a 70-year legacy in mining, the Baldota Group has received a five-star rating award from the Centre for six consecutive years, the statement said.
According to the Karnataka government, the company has planted two million trees and adopted 20 villages under its corporate social responsibility (CSR) initiative, contributing to education, healthcare camps, sanitation, and women's empowerment in rural areas.
Invest Karnataka 2025, the state's flagship Global Investors' Meet (GIM), will be held from February 12-14.
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TN seeks duty-free cotton imports to support textile sector: CM Vijay writes to PM
Chennai (PTI): Tamil Nadu Chief Minister C Joseph Vijay on Thursday urged Prime Minister Narendra Modi to remove the import duty on cotton.
In his first letter to Modi after taking over as chief minister of the state, he said Tamil Nadu is the country’s largest textile and apparel exporting state.
Lakhs of people are dependent on this sector for both direct and indirect employment, especially women from rural and semi-urban backgrounds, Vijay pointed out.
Stating that the industry is facing a severe crisis due to an increase in cotton prices and consequently yarn prices, he said, “I understand this is caused primarily due to a shortage in cotton production and increased trading activity in the country.”
Pointing out that the price of cotton has increased from Rs 54,700 to Rs 67,700 per candy—an increase of 25 per cent over the last two months—while yarn prices have increased from Rs 301 to Rs 330 per kg, he said, “In this situation, the continued supply of raw material can be ensured only through imports.”
However, there is an import duty of 11 per cent on cotton, he said, adding that in such a situation, permitting duty-free cotton imports will help the industry meet increasing export commitments and remain globally competitive.
Vijay said that after agriculture, the textile and apparel sector is one of the largest employment-generating sectors.
“There is a significant responsibility on the government to safeguard the employment of lakhs of people and ensure the sustainability of the textile value chain," he said.
“Hence, I request your intervention to remove the import duty on cotton from the existing 11 per cent to 0 per cent to ensure the availability of raw material. This measure will enable the textile and apparel industry to remain globally competitive, enhance exports, and protect jobs,” he added.
