Baldota Group Invests Rs 54,000 Crore in Karnataka Steel Venture

Baldota Group announced plans for a Rs 54,000 crore investment to enter the steel sector by setting up a 10.5 million tonnes capacity plant in Karnataka. The project anticipates creating numerous jobs and has received initial environmental clearance, with phased capacity expansions planned till 2030.

Baldota Group, a prominent player in renewable energy, has announced its plans to diversify into the steel sector. With a staggering investment of Rs 54,000 crore, the group aims to establish a cutting-edge steel plant in Karnataka, boasting a production capacity of up to 10.5 million tonnes.

The ambitious greenfield project is set to become Karnataka's second largest steel facility, significantly boosting employment with numerous direct and indirect jobs. According to vice president Nagaraj N B, the project has cleared the first hurdle, securing an environmental nod from the Ministry of Environment, Forest and Climate Change.

With an aim to make a substantial contribution to India's steel industry, the Baldota Group plans to incrementally expand the plant's capacity by 2030. Moreover, the proposed plant will focus on sustainability, featuring a 295 MW captive power generation unit utilizing waste gases and fuels, ensuring efficient resource use and minimal waste.

(With inputs from agencies.)