He was addressing at the foundation laying ceremony of Steel Processing Unit at Industrial Growth Centre, Lassipora Pulwama in South Kashmir. He along with J&K Governor N. N. Vohra laid the foundation of1.60 lakh tones annual capacity steel plant.
Paswan said that the steel processing unit at Lassipora coming up over 25 acres of land would be completed by next year end. It would start production by January 2010, he added. He said that the unit would be expanded after becoming operational.
He announced that the initial cost of Rs 90 crore of the up coming unit would be enhanced to Rs 150 crore to ensure full-fledged facilities in the unit. He said that the said unit would provide direct employment to 500 persons and to 4000 indirectly. He also announced that the semi-skilled and unskilled work force in the unit would be engaged locally. He said that the unit will have 40000 tonnes annual capacity TMT Bar Mill, 60000 tones annual capacity cut-to-cut length line for GP coil unit and 60000 tonnes annual capacity corrugation line for GC sheets unit.
Earlier Governor N. N. Vohra said that central and state governments were providing immense incentives for the growth of industries in the state. "The 2004 Industry Policy offers wide ranging incentives to the entrepreneurs and industrialists", he added.
Complimenting Central Government and Union Steel Ministry for setting up a steel processing unit in the valley, Vohra said that the plant would help to meet the steel demand of the valley besides assuring employment to a good number of people.