To initiate its new greenfield six million tonne steel plant in Odisha's Kalinganagar, Tata Steel has set up a new subsidiary, Tata Steel Odisha.
According to the reports, the project will be implemented in two phases of 3 million tonne each.
Tata Steel said it has successfully negotiated financial closure of its 6 million tonne per annum Kainganagar project. Some Rs 22,800 crore worth of project financing was tied up with a consortium of 21 banks and financial institutions. This will meet the funding requirement of both the phases of the project.
In a statement issued to announce its financial results on Thursday, Tata Steel said, while "the Group has successfully implemented its 3 million tonne per annum bownfield expansion at Jamshedpur totake total capacity to 10 million tonne in March 2013. The group is now embarking on its next phase of growth and is settig up a 6 million tonne steel project in Odisha."