India’s BC Jindal Group will invest an estimated $1.71 billion in a new greenfield downstream steel manufacturing facility in the eastern state of Odisha, a company statement said on Tuesday, August 26.
The investment will be made through its wholly-owned subsidiary Jindal India Steel Tech Limited in three phases to be completed by 2030, starting with an investment of $285 million in the first phase, the company said.
The greenfield facility will include a manufacturing plant for special coated steel products with a cold rolling mill, a continuous galvanizing line and a colour-coating line, targeting an initial capacity of 960,000 mt by 2027.
The company will eventually increase the capacity of the Odisha facility’s flat products division to 3 million mt per year by 2030 and construct a steel pipe manufacturing plant with a capacity of 200,000 mt per year, the company said.
