By IANS
Kolkata : Consumer electronics giant Videocon Group Thursday inked a memorandum of agreement (MoA) here with West Bengal government to set up a Rs.150 billion integrated steel and power plant in Burdwan district.
The money will be raised on a 70:30 debt and equity ratio. The plant will employ over 10,000 people directly.
“We are holding talks with an US-based company and are also trying to partner them in this project. The steel plant will have a production capacity of three million tonnes and the power plant would produce 1,200 MW annually. It will take about four years to complete construction of the unit,” Videocon Group chairman Venugopal N. Dhoot told reporters at the MoA signing ceremony.
Dhoot, however, refused to reveal the name of the US-based firm. He said, “The moment land acquisition is finalised, we would disclose the name of the US company that is likely to participate in the project.”
The complex would come up over 3,500 acres of area somewhere near Jamuria and Baraboni in Asansol-Durgapur industrial region of Burdwan district. Land for the project is still being identified.
West Bengal Chief Minister Buddhadeb Bhattacharya, who was present at the event, said Videocon is also coming up with an information technology tower at Salt Lake City by 2009.
“This venture is first of its kind in the state. The IT tower will create about 30,000 job opportunities in West Bengal,” said Bhattacharya.