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Sat, 27th Aug 2016 (Source:Business Standard)
The Sajjan Jindal-controlled JSW Group, with interests in steel, energy, infrastructure and cement, has committed an investment of Rs 50,000 crore in Odisha for a 10-million-tonne steel project.
“JSW Steel will set up a 10-million-tonne steel plant in Odisha at an estimated investment of Rs 50,000 crore. In the first phase, the company will set up a 4-million-tonne mill. Later, the capacity will be ramped up to 10 million tonnes,” JSW Group Chairman Sajjan Jindal said after his meeting with Odisha Chief Minister Naveen Patnaik at an investors' meet in Bengaluru.
Jindal declined to comment on the location of the proposed steel mill, hinting it might come up near the Paradip port. Talks were on with the state government to firm up details of the project, he said.
“The state government is in talks with JSW Steel to identify a suitable location. Once they come up with a detailed proposal, the state government can give them approvals within 30 days,” said Sanjiv Chopra, principal secretary (industries), Odisha.
o overcome carrying iron ore by road, the company intends to lay a pipeline from the Barbil mines in Keonjhar district to Paradip to carry ore in slurry form. The cost of the 280-km pipeline is pegged at Rs 1,250-1,500 crore.
JSW Steel is also keen on participating in auctions of iron ore blocks in Odisha. The steel maker had bid unsuccessfully for the first iron ore block offered by the state. Essar Steel emerged as the preferred bidder.
JSW Cement has proposed a cement grinding facility at Kalinganagar in Jajpur district at a cost of Rs 500 crore. The project has received clearance from the state government. JSW Steel is also pumping Rs 2,000 crore into two new dedicated berths for coal and iron ore at Paradip port.
JSW Steel had initially expressed his intention to set up a steel plant in Odisha in July 2013. JSW Steel is the flagship company of the $11 billion JSW Group with an installed steel making capacity of 18 million tonnes per annum.