Steel Minister Narendra Singh Tomar today inaugurated a steel processing unit under public private partnership (PPP) between SAIL and Prime Gold Pvt Ltd at Gwalior which will produce one lakh tonne of TMT steel annually.
"The unit has been set up in Billowa, Madhya Pradesh under a Joint Venture. Prime Gold has 74 per cent stake and SAIL has 26 per cent stake in this unit, which will produce one lakh tonnes of world class TMT steel and 60,000 tonnes billets will be supplied from SAIL plants to this unit annually," an official statement said here.
Tomar in his inaugural address said, with the unit, many employment opportunities will be generated and a number of development avenues will open up for the local population.
"This unit is a firm step towards achieving the goals of 'Make in India'. The steel sector contributes to more than 2 per cent of the GDP and employs around 6 lakh people and we plan to increase this number manifold," he said.
The Ministry of Steel in association with the Ministry of Skill Development and Entrepreneurship has taken many initiatives for skill development in the steel sector which will open up new opportunities for employment generation, he added.
"The highlight of the unit will be to provide high quality steel at reasonable prices to rural areas around Madhya Pradesh, Uttar Pradesh, Rajasthan, Delhi and Haryana. SAIL will market the steel TMT produced from this unit through its widespread marketing network and shall pay conversion charges on per tonne basis to the JV partner," the statement said.