JSW Steel plans Rs7,500 cr investment in TN

JSW Steel plans Rs7,500 cr investment in TN

Chennai: Steel Major Jindal groups’ JSW Steel plans to invest Rs7,500 crore in Tamil Nadu over the next three years, a top official of JSW said on Monday.

JSW Steel Managing Director Sajan Jindal told reporters here that their subsidiary SISCOL planned to use iron ore available in Kanchamalai area in Salem and in Tiruvannamalai district by putting up mining facilities and beneficiation plants at an investment of Rs400 crore. This would generate direct and indirect employment to over 3000 persons.

It also planned to increase its capacity at its existing plant at Salem, from the present one million tonnes to two million tonnes per annum at a cost of Rs3,000 crore, he said.

He said the group also wanted to set up a thermal power station with a capacity of 1000 MW, which could be expanded to 2000 MW at a cost of Rs4,000 crore. The group had identified Ennore port as the ideal site for the project, he said.

He said he would be meeting Chief Minister M Karunanidhi on Monday evening to discuss these projects.

He said JSW Energy, a company subsidiary, which was implementing power projects in India, would come out with an IPO to the tune of Rs4,000 crore to fund various projects.

The company had also entered the cement sector in a big way, putting up one plant in Andhra Pradesh and another in Karnataka. Both would be commissioned by September 2009.

On the group’s investment plan all over India, he said it was proposed to invest over Rs40,000 crore in the next three years. Of this Rs20,000 crore would go to the steel sector, Rs12,000 crore to the power sector and the balance, to various sectors.

Of the total amount, Rs25,000 crore would be funded through debts and the rest from internal accruals, he added.