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The government will pump in Rs 15,000 crore to revive the historic Sir M Visvesvaraya iron and steel factory in Bhadravati, Karnataka. The plans were confirmed by Union Steel and Heavy Industries Minister HD Kumaraswamy.
The decision stems from focus on industrial and employment growth in the state, Kumaraswamy said, speaking at the 87th All India Kannada Literary Conference in Mandya on Sunday.
The historic factory was established under the leadership of Mysuru Maharaja Nalvadi Krishnaraja Wadiyar and Bharat Ratna Sir M Visvesvaraya. Kumaraswamy expressed confidence that the factory’s glory days would be restored. It was once a source of employment for thousands of people.
“Prime Minister Narendra Modi has entrusted me with the critical responsibilities of the Heavy Industries and Steel portfolios. I am working diligently to ensure that these responsibilities benefit Karnataka,” Kumaraswamy said.
VISVESVARAYA IRON AND STEEL FACTORY
As a result of the vision of Sir M Visvesvaraya, who was the Dewan of Mysore, the plant was established in 1918 as “Mysore Wood Distillation & Iron Works”. It was finally converted into a limited company in 1962 and renamed Visvesvaraya Iron & Steel Limited on 16 February 1976 after its illustrious founder.
The plant had started as a wood distillation plant in 1918, but gradually switched to pig iron production in 1923. It began mild steel production in 1936 and was renamed Mysore Iron & Steel Works later that year. Over time it moved into the production of ferroalloys, expanded its steel production, added an electric arc furnace and a heavy and bloom profile factory.
The Visvesvaraya plant and township are surrounded by the Bhadra River on three sides. The Visvesvaraya Iron & Steel (VISL) plant covers an area of around 3.8 square kilometers.
