JSW to pump in ₹65,000 crore in Odisha for integrated steel plant
NEW DELHI : JSW Steel Ltd, India’s largest steelmaker by capacity, will invest ₹65,000 crore in Odisha to set up one of its biggest manufacturing plants, adding to the country’s efforts to boost production of the alloy. The announcement comes close on the heels of the $23-billion JSW Group announcing a ₹40,000-crore investment in Odisha for an electric vehicle and a battery manufacturing unit, taking its investment in the state to more than ₹1 trillion. It has also announced a ₹5,500 crore investment in Karnataka.
In the announcement made on Friday, JSW Steel said it will establish a greenfield complex in the industrial city of Paradip, which will include a steel plant with a capacity of 13.2 million tonnes per annum (mtpa), a captive power plant, captive jetties with cargo-handling capacity, a cement manufacturing unit, and a modern township. The investment will be in phases. “Steel plays the most important role in building any great nation.
A steel plant changes the lives of future generations and positively affects the economy in many ways," said Sajjan Jindal, chairman of JSW Group, following a foundation-laying ceremony on Friday that was presided over by Odisha chief minister Naveen Patnaik. “There will be a total investment of ₹65,000 crore in this facility and more than 30,000 direct and indirect employment potential," Jindal said. JSW’s new complex will be set up over 2,958 acres of land handed over to it by the Industrial Development Corporation of Odisha.
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