The Maharashtra government has signed an INR 12,000 crore Memorandum of Understanding (MoU) with Viraj Profiles Private Limited (VPPL) to establish an integrated stainless steel plant in the Palghar district, creating 3,500 employment opportunities and promoting socio-economic development in the tribal region.

The project aims to strengthen India’s global position in the stainless steel industry and contribute to Maharashtra’s growth by leveraging advanced technologies and sustainable practices. The investment will also expand VPPL's stainless steel portfolio and advance near-zero initiatives through sustainable actions like renewable energy use.