Maharashtra Signs Historic MoU with Viraj Profiles to Establish a Massive Stainless Steel Plant
In a landmark move, the Government of Maharashtra, under the leadership of Chief Minister Shri Devendra Fadnavis and Industries Minister Uday Samant, signed a Memorandum of Understanding with Viraj Profiles Private Limited during the 55th World Economic Forum’s Annual Meeting in Davos. The agreement, valued at a staggering Rs 12,000 crore, marks a significant step in boosting India’s position in the global stainless steel industry while promising to bring substantial economic and social benefits to the state.
A Vision for Economic Growth in Maharashtra's Tribal Region
The Rs 12,000 crore investment will facilitate the construction of an Integrated Stainless Steel Plant in Palghar, Maharashtra. This ambitious project is expected to generate approximately 3,500 direct jobs, contributing to the region's employment landscape. The plant will not only strengthen India’s manufacturing capabilities in the global stainless steel market but also foster significant socio-economic development in the tribal areas of Palghar.
Neeraj Raja Kochhar, the Chairman of Viraj Profiles, emphasized the broader impact of this investment. He stated, "Our Rs 12,000 crore investment will not only enhance India’s position in the global stainless steel industry but also contribute to the socio-economic upliftment of the Palghar region by creating opportunities for thousands of individuals."
