Sajjan Jindal's JSW Group to invest Rs 3400 crore in West Bengal
19 October 2016
Sajjan Jindal's JSW Group will invest Rs 3400 crore in the state in next three years. Mr Jindal who met West Bengal chief minister Mamata Banerjee this afternoon, said the investment will go into expanding its upcoming cement plant at Salboni, a captive power plant and a steel processing unit. The group has also started work on its first decorative paints factory due to come up at Salboni.
The cement plant planned with an initial capacity of 2.4 million tonne (mt) will now be expanded to 3.6 million tonne. This would involve an additional cost of Rs 700 crore, he added. The cement plant is finally slated to have a capacity of 4.8 mt. Work on the cement unit, due to be operational in March 2018, is being spearheaded by JSW scion Parth Jindal. The group is also setting up a captive power plant which will take up an investment of Rs 200 crore.
Another Rs 1000 crore is being spent by the JSW group in a downstream steel processing unit to produce cold rolled, galvanised and colour coated sheets. These value added products of steels are used mainly in cars and consumer durables. Instead of setting up an integrated steel plant, which remained stalled for the last 6-7 years due to non-availability of captive iron ore, the group has revised its plan decided to get into downstream processing unit in view of the changed market scenario. For the JSW group this will be the fifth such processing centre in the country.
The group is also pumping in Rs 1500 crore in setting up a decorative paints factory in the state, marking its foray into the paints business. JSW group is also setting up an agro business venture as part of its CSR activities in the area. This is likely to boost employment by generating some 4000 jobs in the state.
Source : economictimes.indiatimes.com