JSPL to invest $5.4 billion for expansion
Jindal Steel and Power Limited (JSPL) will invest over $5.4 billion in the steel industry in
India over the next 10 years, according to a company release.
JSPL has already invested Rupees 30 billion (approx. $650 million) to increase its annual steel
production to 2.9 million tons from 1.3 million tons.
The company will build a six-million ton steel plant in the Orissa state and a five-million ton steel plant in the Jharkhand state. As previously reported by SteelOrbis, the company signed the agreement regarding its Jharkhand project in July. On the other hand, the project in the Orissa state was originally for the establishment of a two-million ton steel plant. However, JSPL signed an agreement with the Orissa state to expand its project.
Moreover, JSPL will invest Rupees 45 billion ($975 million) in order to build a 1'000-MW power plant at Raigarh. The power plant is scheduled to be operational by June 2007.