JSPL is in negotiation with German SMS Demag
Recent news in the market reports that, Indian steel producer Jindal Steel & Power Ltd (JSPL) is in negotiations with German SMS Demag to expand its mill. The company reportedly plans to invest around Rupees 5.5 billion (approx. $122 million) for the expansion project. According to plan, SMS Demag will install one ladle furnace and two electric arc furnaces to the mill by the middle of 2005. Moreover, it is reported that SMS Demag plans to acquire 5% stake in the company however, company officials avoid making comment on the subject. JSPL is the largest sponge iron producer in the country. It also plans to establish a sponge iron plant in Orissa, which will have capacity of 1 million ton.