The Indian steelmaker JSW Steel Limited (JSW) announced yesterday, January 11, that it is to set up a 10 million metric tons per annum steel plant in West Bengal. The agreement regarding the development plan was signed by JSW and the West Bengal government, West Bengal Industrial Development Corporation Limited (WBIDC) and West Bengal Mineral Development and
Trading Corporation Limited (WBMDTC).
The new plant worth Rupees 350 billion ($7.9 billion) will be set up in three phases over 12 years. The first phase will be completed in four years and bring the new plant's capacity to three million metric tons per annum.
To execute the project, JSW is to found a joint venture company in which it will hold an 89 percent stake, while the remaining shares will be held by WBIDC and WBMDTC.
The government of West Bengal, for its part, has made a commitment to facilitate the provision of land, utilities, coal linkages, other raw material supplies, as well as to statutory clearances, in an expeditious manner.