Friday, February 3, 2023

AIADA industrialists pin hopes to cash on boom post Global Summit

Himalayan paths

Jamshedpur : Industrialists of Kolhan belonging to rich industrial districts of East Singhbhum, West Singhbhum and Seraikela Kharsawan are pinning hopes on several MoUs signed by the Government of Jharkhand. They are hopeful to play key role in it. The entrepreneurs are hopeful that the newly boost to the industrial growth would work for their betterment too.

The department of industries and mines received the maximum (121) investment proposals, worth R2.10 lakh crore, followed by urban development at R38,000 crore and energy at R37,000 crore.

Some of the large investment proposals include R20,000 crore each from Adani Group and Jindal Steel and Power. Aditya Birla Group, Vedanta Resources and Essar Group have also committed R5,000 crore investment each. Official sources said Adani Group, led by Gautam Adani, is also examining the possibility of investing R50,000 crore in coal to polymer complex.

Investors have also evinced interest in investing in agriculture, animal husbandry, health and medical education, tourism and transport sectors, among others. Moreover, Mother Dairy booths would soon open in Jharkhand and its plant would be set up between Ranchi and Jamshedpur.

S K Singhal, a city based entrepreneur, said that State government should immediate work on MoUs to help the industry acquire land smoothly. Besides, the Government should also process mining licenses for raw materials such as iron ore and coal, key to steelmaking.

“We expect the government to also convince the banks to provide around six to eight months’ leeway to the ancillaries (to put on hold repayment of interest amount and loan amount) and prevent the banks from further declaring the crisis-hit units as NPA,” said an official of Adityapur Small Industries Association (ASIA) functionary and ancillary unit owner.

Around 300 ancillaries have secured loans from banks, both public and private, over the last five years, of which more than 100 have been declared NPAs, said industry insiders.

Officials are pinning hopes that the proposed Special Economic Zones and Adityapur Auto Cluster Limited would grow with faster speed with new zeal.

Officials of Adityapur Small Industries Association informed that a delegation would soon meet the CM to update him with issues concerning the industrial sector.

It may be noted that the sprawling Adityapur Industrial Area houses 900 units- including 11 large-scale, 64 small scale and 166 tiny industries. A few important industries that has global presence are Usha Martin Group, RSB Group, Tata Steel Growth Shop(TGS) etc., too situated in this industrial belt, situated in Seraikela-Kharsawan. There are 20 industries, which export its products to the USA, Australia and other European countries.

A section of loan beneficiaries have mortgaged their houses and valuables to shore up funds. When approached, officials at Adityapur Industrial Area Development Authority (AIADA) maintained that they are coordinating with the concerned ancillaries to ensure maximum leeway from banks within their limited capacity.

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