Davos: Viraj Profiles and Maharashtra Government Sign MoU for INR 12,000 Crore Steel Project

Mumbai (Maharashtra) [India], January 28: In a significant move to boost employment opportunities and Maharashtra’s industrial growth, the Government of Maharashtra, under the leadership of Hon’ble Chief Minister Shri Devendra Fadnavis and Industries Minister Uday Samant, signed a landmark Memorandum of Understanding (MoU) with Viraj Profiles Private Limited (VPPL) at the 55th World Economic Forum’s Annual Meeting in Davos. The agreement, worth INR 12,000 crore, will facilitate the establishment of an Integrated Stainless Steel Plant in Palghar, Maharashtra, creating 3,500 jobs and driving socio-economic development in the tribal region.

With this investment, Viraj Profiles aims to strengthen India’s position in the global stainless steel sector while contributing to Maharashtra’s growth story. The project will leverage advanced technologies and sustainable practices, creating employment opportunities in the region.

The MoU was signed in the presence of Mr. Neeraj Raja Kochhar, Chairman and Managing Director of Viraj Profiles, along with his son Mr. Dhruv Kochhar, reaffirming the company’s commitment to the development of the state. During discussions, the Hon’ble Chief Minister assured the Viraj Profiles leadership of full government support to ensure the successful execution of the project.

Speaking on the occasion, Mr. Neeraj Raja Kochhar, Chairman of Viraj Profiles, stated: “This is a proud moment for Viraj Profiles as we partner with the Government of Maharashtra to bring transformative growth to the state. Our INR 12,000 crore investment will not only enhance India’s position in the global stainless steel industry but also contribute to the socio-economic upliftment of the Palghar region by creating opportunities for thousands of individuals.”

The project aligns with Maharashtra’s strategic vision of fostering industrial growth and sustainable development. By leveraging modern manufacturing practices, Viraj Profiles aims to set new benchmarks in the steel and metals sector while supporting the region’s development through employment generation and infrastructure advancements.

This partnership highlights Maharashtra’s investor-friendly policies and the state’s commitment to attracting leading global and domestic players to drive economic growth and regional development.

About Viraj Profiles Limited

Viraj Profiles Private Limited is one of the largest manufacturers and exporters of stainless steel long products, with a presence in over 95 countries. Headquartered in Maharashtra, the company serves diverse industries, including automotive, construction, and energy, etc The company is dedicated to sustainable practices and aims to provide high-quality stainless steel solutions worldwide.