By IANS,
Srinagar : Union Steel Minister Ram Vilas Paswan Monday laid the foundation of the first steel-processing plant in the industry-starved Kashmir Valley which will give employment to around 4,500 people.
The plant in Lassipora industrial growth centre in south Kashmir Pulwama district will have an annual capacity of 160,000 tonnes and will become operational in 2010.
Paswan said the capacity of the steel-processing plant would be expanded after it becomes operational in January 2010.
Complimenting the central government and the union steel ministry for setting up the unit in the valley, Governor N.N. Vohra said the plant would help to meet the steel demand of the valley besides assuring employment to a good number of people.
Asking the local youth to be part of the industrialisation process, the governor said the central and state governments were providing immense incentives for the growth of industries in the state.
“The 2004 Industry Policy offers wide ranging incentives to the entrepreneurs and industrialists”, he added.
Vohra said the industrial growth centre at Lassipora, spread over a vast area of land, would be providing employment to over 4,500 people.
He said: At least “104 industrial units have been provided land in the Centre and 20 units have started functioning”.
For the Lassipora industral centre Rs.2.5 billion were being invested.
Paswan said the steel processing unit at Lassipora was being set up in the valley with a view to cover backward areas under industrialisation programme.
He announced that the initial cost of Rs.900 million of the upcoming unit would be enhanced to Rs.1.5 billion to ensure full-fledged facilities in the unit.