A new production facility for Continuous Casting Refractories with an installed capacity of 240,000 pieces per year has been approved for construction by Industrial Promotion and Investment Corporation of Odisha Ltd.

Odisha was chosen due to the state's abundant mineral resources, excellent infrastructure, plentiful labour, and high concentration of steel industry.

The estimated project expenditures will be around Rs 150 crore, and subject to timely site allocation, building is anticipated to begin in around October 2023, with a March 2025 commercial production objective.

'This new plant is part of our overall growth strategy to the meet the expected growth of the domestic Indian steel sector', the company said in a press release.

Once completed this plant will be the fourth manufacturing facility of the Company in India, other three being situated at Kalunga (near Rourkela Odisha), Kandla Special Economic Zone (Gujarat) and Visakhapatnam (Andhra Pradesh).