The state of Karnataka is set to get a significant boost to its industrial sector with the establishment of a new Rs 2,345 crore steel plant in Koppal district. 

The project is a joint venture between Japan's Sumitomo Corporation and the Bajaj Group, operating through their joint venture, Mukand Sumi Special Steel.

According to a statement from Karnataka's Minister for Large and Medium Industries, M.B. Patil, the new facility will have an annual production capacity of 350,000 tonnes of iron and steel. 

The plant is expected to be operational by 2028 and is part of the company's long-term growth strategy to double its overall production capacity to 700,000 tonnes per annum.

The project is designed with a strong focus on sustainability, aiming to be a "Zero Liquid, Solid, and Gaseous Discharge" facility. 

The company has also committed to meeting over 95% of its energy needs through renewable sources, aligning with its goal of achieving net-zero steel manufacturing by 2050. 

This investment is also expected to strengthen Karnataka's position as a hub for advanced manufacturing technology, with the plant producing essential grades of steel for the automotive, railways, and energy sectors.