Jindal Steel to triple Orissa project capacity
Jindal Steel and Power Ltd (JSPL) will increase the planned capacity of its Orissa project to six million metric tons. JSPL and the Orissa local government had previously signed a memorandum of understanding for a two million-ton steel plant to be constructed in the state's Keonjhar district. Now, the company has decided to increase the capacity to six million tons. The decision to triple the capacity means that JSPL will have to sign a new memorandum of understanding with the Orissa government. The estimated cost of the project will also increase to Rupee 130 billion ($2.93 billion) from Rupee 40 billion ($900 million). The 6 million-metric ton capacity plant will be constructed in two phases of 3 million metric tons each. The entire project will be completed within five years. The company also signed a memorandum of understanding with the Jharkhand local government to set up a 5 million-metric ton steel plant.