The government will pump in Rs 15,000 crore to revive the historic Sir M Visveswaraya Iron and Steel Plant at Bhadravati in Karnataka. These plans were confirmed by Minister of Medium Heavy Industries and Steel HD Kumaraswamy.
The decision emerges from the focus on industrial and employment growth in the state, Kumaraswamy said at the 87th All India Kannada Literary Conference in Mandya on Sunday.
The historic factory was established under Mysuru Maharaja Nalvadi Krishnaraja Wadiyar and Bharat Ratna Sir M Visveswaraya. Kumaraswamy expressed confidence that the glory days of the factory will return. It was once a source of employment for thousands.
“Prime Minister Narendra Modi has entrusted me with critical responsibilities in the Ministries of Heavy Industries and Steel. I will work diligently to ensure that these responsibilities benefit Karnataka,” Kumaraswamy said.
Visveswaraya Iron and Steel Factory
The plant was established in 1918 as the 'Mysore Wood Distillery and Iron Works' as a result of the vision of Sir M. Visveswaran who worked in Mysore. It finally became a limited company in 1962, and was renamed Visvesvaraya Iron & Steel Limited on 16 February 1976 after its illustrious founder.
The plant started as a wood distillery in 1918, but gradually switched to pig iron production in 1923. It started production of mild steel in 1936 and later in the year it was renamed as Mysore Iron and Steel Works. It eventually moved into ferro-alloy production, expanded its steel production, added an electric arc furnace and a bloom and heavy parts mill.
The Vishweshwara plant and the city are surrounded on three sides by the river Bhadra. The Visveswaraya Iron and Steel (VISL) plant covers an area of about 3.8 square kilometers.