The Baldota Group, a renewable energy company, announced on Thursday its plans to enter into the steel sector investing Rs 54,000 crore for a project in Karnataka with up to 10.5 million tonnes (MT) of production capacity.
Nagaraj N B, Vice President of the Integrated Steel Project, in a company statement, stated that the greenfield project will be the second largest steel plant in the state after the commission, providing lakhs of direct and indirect job opportunities. According to the Karnataka-based diversified group, it currently operates in the vicinities of renewable energy (wind and solar), shipping, pellets, gases, and mining.
“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 the project is expected to start this year,” he added. “The rest of the capacity will be added in phases over the next five years up to 2030.”
According to him, India aims to scale up its overall installed steel-making capacity to 300 MT by 2030, adding the country’s current capacity stands at around 180 MT. However, the group aims to contribute 10.5 MT to the target of 300 MT set by the country.
The planned facility will also feature a 295 MW captive power plant, utilizing waste gases and fuels to optimize resource efficiency and reduce waste.
In the statement, the group further stated that “certain sections of civil society had raised concerns regarding the project’s ecological impact. 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.”