Aaress Iron and Steel, a subsidiary of the Vijayanagar-based Baldota Group, proposes to set up an integrated steel plant of 3.5 million tonnes per annum (MTPA) capacity with an investment of Rs 180 billion.

The plant will come up at Halavarthi village in Koppal district in Karnataka. Rahul Baldota signed a memorandum of understanding for this project at the global investors meet (GIM) in Bengaluru on Wednesday.

Aaress has already acquired 1,036 acres of land and is in the process of acquiring another 933 acres, the company said in a statement, and added that it has already received environment clearance and water drawing sanctions. The project will add about 10,000 direct and indirect jobs, it said.

The Baldota Group also signed another MoU at the GIM for setting up a 3 MTPA pelletisation and a 5 MTPA iron beneficiation plant at Somlapur village at Sandur taluk in Ballary district. The group said it will spend about Rs 16 billion on the project, which will bring about 1,000 jobs.

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