Jindal to build 6 million-ton steel plant in Orissa

Jindal to build 6 million-ton steel plant in Orissa

Jindal Steel and Power Ltd (JSPL), which was originally planning to build a 2 million-ton steel plant in India's Orissa state, announced that it decided to increase the capacity of the project to 6 million tons and to shift the location of the proposed plant from Keonjhar to the Angul district. As reported by SteelOrbis, JSPL on October 18, 2004, signed a memorandum of understanding with the Orissa government regarding the establishment of a 2 million-ton steel plant in the state. However, JSPL has since revised its proposal. In addition to the previously mentioned changes, the new proposal also calls for an investment of Rupees 150 billion ($3.4 billion), as opposed to the original investment of Rupees 38.5 billion ($883 million). The project will be conducted in two phases. The first phase will be completed by 2008, while the second phase is expected to come on stream by 2011.