Renewable energy player Baldota Group said it plans to foray into the steel sector with an investment of Rs 54,000 crore for setting up a project in Karnataka with up to 10.5 million tonnes (MT) of production capacity.

Once commissioned, the greenfield project will be the second largest steel plant in the state, creating lakhs of direct and indirect jobs, said Nagaraj N B, Vice President of the Integrated Steel Project in a company statement.

According to the Karnataka-based diversified group, it currently operates in the areas of renewable energy (wind and solar), shipping, pellets, gases and mining.

“We have received environmental clearance from the Ministry of Environment, Forest and Climate Change (MoEF&CC) for 3.5 MT capacity after an Environmental Impact Assessment (EIA) study. The first phase of project is expected to start this year,” he added.

The rest of the capacity will be added in phases over the next five years up to 2030, Nagaraj N B said.

By 2030, India aims to scale up its overall installed steel making capacity to 300 MT, he said, adding the country’s current capacity stands at around 180 MT.