Jindal Steel to set growth target and expansion plans
According to reports from the industry Asia's largest and world's second largest sponge iron plant Jindal Steel and Power Ltd (JSPL) sets 5-6% growth target for 2003 and is planning to expand its capacity as well as the product range in the short run. A company official declared that JSPL will establish an operation in order to increase its liquid metal capacity per day to almost 250'000 tonnes. Besides, four new furnaces will be added to the current six which have an annual capacity of 620'000 mt. It is reported that every furnace has a daily production capacity of almost 500 tonne. It is also planned to fund an electric arc furnace to the plant located in Raigarh soon. This expansion plan to be financed by internal accruals and financial institutions will cost to JSPL around Rupees 5.5 billion (approx. $116 million).