Baldota Group, a renewable energy company, announced plans to invest Rs 54,000 crore to establish a project in Karnataka with a production capacity of up to 10.5 million tonnes (MT) to enter the steel industry.

According to Nagaraj N B, Vice President of the Integrated Steel Project, the greenfield project will create thousands of direct and indirect jobs and be the state's second largest steel plant once it is put into operation.

The multifaceted group based in Karnataka claims that its current business ventures include mining, shipping, pellets, gasses, and renewable energy (solar and wind).

“We have received environmental clearance from the Ministry of Environment, Forest and Climate Change (MoEF&CC) for 3.5 MT capacity after an Environmental Impact Assessment (EIA) study. The first phase of project is expected to start this year,” he added.

Nagaraj N B stated that the remaining capacity would be added gradually over the following five years, till 2030.

According to him, India wants to increase its installed steel production capacity to 300 MT by 2030, with its current capacity being about 180 MT.

He stated that the group wants to donate 10.5 MT toward the nation's 300 MT goal.

To maximize resource utilization and minimize waste, the proposed facility also has capabilities for 295 MW of captive power generation from waste gases and fuels.

 

The group further said “certain sections of civil society had raised concerns regarding the project’s ecological impact.

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“Therefore, the company released the findings of the environmental impact assessment conducted for the project during the design stage, which indicates measures of sustainability, pollution and waste-management,” it said.