Jindal to set up a new steel plant in Orissa

Indian steelmaker Jindal Stainless Ltd. has said that it plans a two-phased establishment of a 1.6 million metric ton integrated stainless steel plant in the northeastern Indian state of Orissa. The company is to invest Rupees 56 billion ($1.4 billion) in the first phase of the planned mill, which involves a capacity of 800,000 metric tons. A company official stated that the second phase of the steel plant, i.e. for the remaining capacity of 800,000 metric tons, would be funded mainly through loans. The company is already implementing round one of its expansion program, which includes the setting up a 150,000 metric ton ferroalloy unit and a 250 megawatt power plant.