Bhubaneswar: Jindal Steel & Power Limited (JSPL) signed the Memorandum of Understanding (MoU) with the Odisha Government on Parang Industrial Park near Angul district today, at the State Secretariat.

The park, with an investment of Rs 5,500 crore, will provide employment to about 32,000 people, directly and indirectly, and would contribute towards the economic development of Angul with an estimated GDP of Rs. 20 crores per month or Rs 240 crores per annum and is likely to generate a revenue of about Rs 700 crore per annum for the State.

JSPL will invest Rs 500 crore while the remaining Rs 5,000 crore will be invested by other entrepreneurs. JSPL would provide all sorts of infrastructural facilities including water and power to the units at the park.

The company requires 1400 acres of land at Parang for the park which includes Development of Industrial land (800 acres), Administrative area (100 acres), Green Belt (150 acres), Knowledge park (50 acres where two colleges namely National Training Institute and Industrial Training Institut will be set up.), Office and Commercial/ Market complex (100 acres), Transport Nagar (100 acres), Township (50 acres), Utilities, Roads, Boundary and various other amenities (50 acres).

Water will be sourced from the Mahanadi river situated at a distance of 65kms from the site.

It is noteworthy to mention that the site selection and a pre-feasibility report was submitted to the Industrial Promotion and Investment Corporation Limited (PICOL) by the company in May.

Among others, Mr. T. Ramachandru, Principal Secretary Industries Department, Odisha, Shri Raghunath Mohanty, Industries Minister Odisha, Mr. Anand Goel, Joint M.D Jindal Steel and Power Limited were present.