Twenty out of 49 steel players, who had entered into Memorandum of Understanding (MoU) with the Orissa for setting up their projects in the state, have achieved financial closure by the end of the previous fiscal.

This was informed by the state minister for steel and mines Raghunath Mohanty in the state legislative assembly.

Also Read   Related Stories News Now - Assembly stalled for 3rd day over coal scam - Orissa to reserve jobs for locals in private sector - Minerals worth Rs 17.65 cr seized - Clause puts government on back foot - Renewal of MoU in the works : Naveen patnaik - Special package of Rs 18.91 crore for development of weavers

Also Read   Related Stories News Now - Markets pare early gains dragged by L&T - Nikkei rebounds as investors go bargain hunting - Rupee falls, approaches record low - Potato weakens 1.6% on subdued demand - Mentha oil prices decline on profit-booking More

SMC Power Generation Ltd, SPS Steel & Power Ltd, Sree Metaliks Ltd, Beekay Steel & Power Ltd and Jai Balaji Jyoti Steels Ltd had started partial production as early as 2004.The others, who have started partial production later include Visa Steel Ltd, Bhushan Steel Ltd, Maithan Ispat Ltd, OCL Iron & Steel Ltd, JSL Ltd, Surendra Mining Industries Ltd and Sree Metaliks Ltd.These projects have so far added a steel capacity of 7.74 mt. This apart, the steel players have installed 1062 MW of captive power generation capacity. Investment worth Rs 50,325 crore has already been grounded in the sector in the state till now.

The boom in the steel sector is also reflected in the employment opportunities generated in the state. Investments in the steel sector have so far generated direct employment for 21,617 people besides creating 50,542 indirect jobs.It may be noted that as many as 49 steel players have entered into MoUs with the state government with a cumulative envisaged capacity of 83.66 million tonnes (mt) at an aggregate investment of Rs 2.3 lakh crore, making the state one of the most enviable investment destinations in the sector.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets pare early gains dragged by L&T - Nikkei rebounds as investors go bargain hunting - Rupee falls, approaches record low - Potato weakens 1.6% on subdued demand - Mentha oil prices decline on profit-booking

Tags : Raghunath Mohanty | Aarti Steels | Adhunik Metalliks | Visa Steel | Sree Metaliks | JSL | Jindal Steel & Power | Eastern Steels and Power | OCL Iron & Steel   Read Business news in  Advertisements -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  2 Lac Apartments, 1 Lac House / Plots. Click here -  The Best Seller is Also the No. 1 in Mileage. Click here -  One Partnership Endless Possibilities. Click here to know more -  A Brand New Server at a Price That Fits Your Budget. Click here -  Watch The Film Here. Click here to know more.. -  1 billion in saving for Unilever without any tangles. -  Learn How One City is Running on FOOD SCRAPS. -  Helping doctors detect diseases earlier, saving costs & extending lives. -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE! -  One of the leading business schools in the world.Know More