Steel Authority of India will submit its proposal for setting up a stainless steel special economic zone (SEZ) at its existing stainless steel facility at Salem in Tamil Nadu to the commerce ministry. Once the SAIL proposal is cleared, it would be the first project to be initiated by a steel company. As per report, SAIL has finalized its Salem SEZ plans and a formal proposal would be sent to the board of approval for these zones in May of this year. However, the investment details are still being finalized. The proposal is unlikely to face hurdles for the project as SAIL owns the entire 3500 acres at Salem steel plant site and there is no requirement of further acquisitions. SAIL plans to use 250 acres of unutilized land of the Salem stainless steel plant initially for the proposed SEZ and is inviting investments from several downstream stainless steel based industries in its proposed SEZ.
