OUR Surat Bureau Surat Chief Minister Narendra Modi, inaugurated the 1.2 million tonne per annum (MTPA) cold rolling complex of Essar Steel Ltd., at Hazira on Friday.
Speaking on the occasion, Modi said, "Gujarat has become a preferred source of investment for companies all over the world. The investment-friendly environment of Gujarat can be gauged from the very fact that even though the state does not have the raw material for the steel industry, it is still attracting investments from steel companies." Speaking about Essar, the chief minister said, "Essar and Gujarat are like 'Made for each other' - Both can't live without one another.

During the Vibrant Gujarat Summit, Essar had made commitments regarding investments it would make in the state. We are glad that the company is systematically moving ahead and fulfilling its commitments." Modi said about the steps initiated by his government for attracting investors, "We are extending all help and co-operation to people, who are willing to contribute to Gujarat's progress." The state had minimised the grey areas in policies in a bid to do away with the administrative delays.

It was trying to do away with red tapism and assuring an ideal environment required for growth," he added.

"Anyone who sows a rupee in Gujarat, will reap a dollar," he promised.

Shashi Ruia, chairman of the Essar Group, said, "The 1.2 MTPA cold rolling complex has made Essar a fully integrated producer of steel.

The complex, which has been built at the cost of approximately Rs. 1000 crore, showcases the latest technology, and enable us to offer a wide range of value added, downstream products for both domestic and international markets." With the inauguration of the complex, the capacity of Essar Steel's plant increased from 2 million tonnes to 3 million tonnes.

It would be further increased to 4.6 million tonnes by the end of the year, and to 5.5 million tonnes by September 2006, making it one of the largest integrated steel producers in the country, and the largest producer of flat steel.