Govt wants to restore Visvesvaraya Iron & Steel Factory to former glory, plans Rs 15,000 cr investment

The government will pump in Rs 15,000 crore to revive the historic Sir M Visvesvaraya Iron and Steel Factory in Bhadravati in Karnataka. The plans were confirmed by Union Minister for Heavy Industries and Steel HD Kumaraswamy. 

The decision emerges from the focus on industrial and employment growth in the state, said Kumaraswamy, speaking 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 Visvesvaraya. Kumaraswamy expressed confidence that the glorious days of the factory would be restored. It was once a source of employment for thousands. 

"Prime Minister Narendra Modi has entrusted me with the critical responsibilities of the Heavy Industries and Steel portfolios. I am working diligently to ensure these responsibilities benefit Karnataka," said Kumaraswamy.

VISVESVARAYA IRON AND STEEL FACTORY

The result of the vision of  Sir M Visvesvaraya who was the Dewan of Mysore, the plant was set up in 1918 as ‘Mysore Wood Distillation & Iron Works’. It eventually became a limited company in 1962, and was renamed Visvesvaraya Iron & Steel Limited on February 16, 1976 after its illustrious founder. 

The plant had started as a wood distillation plant in 1918, but gradually moved to pig iron production in 1923. It started mild steel production in 1936, and was later in the year named Mysore Iron & Steel Works. It eventually moved to production of ferro-alloys, expanded its steel production, added electric arc furnace, and a blooming and heavy section mill. 

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 sq km.