In a major move Tata Group chairman Cyrus Mistry on Tuesday said Tata Steel would augment steel production by one million ton.
The company currently produces 10 million ton steel which would be increased to 11 million ton, a press release issued by Jharkhand government said after chief minister Raghubar Das called upon Mistry during Make-In-India conclave in Mumbai.
CM Das requested Mistry to augment the capacity of existing Tata Group companies in the state and also to establish an investment and research center in Jharkhand. On Tuesday, Das had an interaction with several investors whom he invited to invest in Jharkhand. He also requested Mistry to invest in auto-mobile sector.
"A single window system has been established to clear investment proposals and the government has also formed a land bank and is ready to offer 200 acres land," he told investors. Das told the investors Jharkhand offers great opportunities in multiple sectors including information technology, mines, power and agriculture.
The investors would be given breaks in VAT, he promised. "All the formalities related to investment would be completed within a month. The state is progressive on development path and within four years it would carve a space in the league of developed states like Gujarat and Maharashtra," he said.
On Wednesday CM will participate in the Jharkhand day investors' meet. Das said the opening of investment and research center would refine the state's talent.
Source: TOI