India's
Jindal Steel & Power Limited (JSPL) will invest $18 billion over the next eight years to ramp up total steel production capacity to 20 million mt, Naveen
Jindal, chairman of JSPL, said in statement released on Monday, August 6.
"We are in the process of expanding capacity of the plant in Raigarh, Chattisgarh province to 7 million mt per year and new capacities at Angul in Orissa and Jharkhand are also coming up. Overall capacity of JSPL will be 20 million mt per year by 2020,"
Jindal said.
JSPL currently operates a 3 million mt per year plant at Raigarh and plans to commission the first phase of the 6 million mt per year plant at Angul by 2014.
The company has already started procedures for the land acquisition for the Raigarh plant expansion and negotiations with the provincial government to secure iron ore reserves to feed the expanded capacity, a company official said.
Last month,
Jindal Steel Bolivia Limited, a subsidiary of JSPL, terminated a $2.1 billion contract with the Bolivian government for the development of an iron ore project in El Mutun.