Icore Group plans to invest in Orissa

Icore Group, the Kolkata based company with interests in steel making, cement, gems and jewellery apparel and paints, proposes to pump in Rs 5,000 crore in Orissa setting up a 1.8 million tpa steel plant and a cement crushing unit with a capacity of 5,000 tpd.

The steel cum cement complex is to be spread over 80 acre at Somanthpur in Balasore district. The Group expects to sign an MoU with the Orissa Government shortly. It has submitted the DPR to the Industrial Infrastructure Corporation of Orissa.

Initially, Icore is likely to start the steel plant with a capacity of 0.36 million tpa at a cost of Rs 1,000 crore and later scale up to 1.8 million tpa. While the cement crushing unit is set to commence operations from December 2010, the steel plant is expected to be operational by March 2011.