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JSW Steel to infuse Rs3,800 cr in Ispat Industries

JSW Steel to infuse Rs3,800 cr in Ispat Industries
PTI
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First Published: Mon, Jan 17 2011. 03 07 PM IST
Updated: Mon, Jan 17 2011. 03 07 PM IST
New Delhi: JSW Steel on Monday said it plans to infuse Rs3,800 crore in Ispat industries in the next 2-3 years.
The country’s third largest steel maker JSW Steel had acquired nearly 45% stake in debt-ridden Ispat Industries for Rs2,157 crore in December last year.
When asked about the company’s investment plans in Ispat Industries, JSW Steel director (Commercial & Marketing) Jayant Aacharya said, “it will be about Rs3,800 crore over next 2-3 years.”
Commenting on the Ispat’s current debt which stands at about Rs9,800 crore, Acharya said, “There is debt to be recast, which is to be done by September 2011”.
He also said that the integration with Ispat is going out well, to take its capacity to 5 million tonnes from the current 3.3 million tonnes.
On Ispat Industries’ plans to file a report to Board for Industrial and Financial Reconstruction (BIFR), he said, “It is not yet been applied for, there were some discussions before our acquisition”.
JSW Steel is now focussing on Vijaynagar, West Bengal, Jharkhand and Dolvi projects, he added.
Talking about the expansion plans, he said that the company had initially planned for 32 million tonnes by 2020, but with the acquisition of Ispat, it will be over 40 million tonnes by 2020.
The company expects production of about 12.5 million tonnes, including 3 million tonnes from Ispat, in the next fiscal, Acharya added.
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First Published: Mon, Jan 17 2011. 03 07 PM IST