Patna: Industrial development in Bihar is set to gain momentum as the director of Shyam Steel Manufacturing Limited has written to industries minister Dilip Jaiswal expressing interest in investing Rs 5,000 crore to establish a 1 MTPA integrated steel plant in the state. The proposed unit is likely to come up along the Gaya-Dobhi Road Industrial Corridor.Jaiswal said on Thursday that the state govt has set a target of attracting investments worth around Rs 1 lakh crore and the proposed project is expected to boost industrial activity in Bihar while generating direct employment for nearly 8,000 people. He added that the govt has framed a robust incentive-based industrial policy to attract investors and special initiatives are being undertaken to facilitate investments.“As a positive result of the visionary policies and investment-friendly environment of the state industries department, a prestigious company like Shyam Steel has decided to invest a massive Rs 5,000 crore in Bihar. This investment is a testament to the industry’s unwavering trust in our policies and the efficiency of the department. The establishment of new units in the state will create thousands of direct and indirect employment opportunities,” Jaiswal said.“Under our new investment policy, there’s a red carpet for investors. We have moved forward with the concept of a new Bihar and that’s why we have also brought the semiconductor policy. Soon, the industries of semiconductors will also be established here. We provide funds of Rs 10 lakh without interest with Rs 5 lakh as subsidy. We are soon going to make it Rs 25 lakh for the youth to set up startups,” the minister added.According to the proposal submitted to the industries department on Feb 10, the company has sought 500 acres of land, 50MW power supply and 2 MGD water for the proposed plant.“We will be very grateful if the department of industries, govt of Bihar, could kindly consider taking proactive initiatives towards facilitating the setting up of our greenfield integrated steel plant… As regards the specific site for setting up the intended plant, while both our in-house and field teams are working on it, it will certainly be of great help to us if the state govt could kindly identify the land from its own land bank in addition to nominating a nodal officer for our proposed project to provide us with all necessary guidance and cooperation,” the letter states.“As a major partner in progress of the nation through employment generation, infrastructure development… the Group is dedicated to the realisation of Prime Minister Modiji’s vision of Viskhit Bharat by 2047 and sincerely wishes to be a partner of Bihar’s faster industrial development in the days ahead in a mission mode,” it reads further.