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Steel Authority of India Ltd (SAIL) has announced an investment of 4,000 crore in Jharkhand over the next three years. This funding will be used to enhance the capacity of its Gua mines, and install a 4-million-tonne (MT) pallet plant.

The state-run steel manufacturer expressed the commitment for investment at the Jharkhand Industrial and Investment Promotion Policy (JIIPP) 2021, launched by Chief Minister Hemant Soren.

Also Read: Tata Steel promises 3,000-cr investment in Jharkhand to expand capacities

SAIL, a Ministry of Steel PSU, is one of India's largest steel-making companies. It produces iron and steel at five integrated plants and three special steel plants, including Bokaro Steel Plant (BSL) in Jharkhand. It also has a Research and Development Centre for Iron and Steel (RDCIS) in state capital Ranchi.

"We have expressed commitment to spend 4,000 crore in Jharkhand over the next three years," SAIL Executive Director (Operations) Ajay Arora told news agency PTI.

Arora said this investment will be used to expand the capacity of SAIL's captive Gua mines to 10 million tonnes from the existing 4 MT.

"At the same time, we know that as we deepen the mines, the quality of ore becomes inferior. We are going for a beneficiation technology there to upgrade ore quality from existing 61 per cent to 63 per cent. We are investing both in beneficiation of expanding capacity along with a four-million-tonne pallet plant. The pallet plant is a greenfield project in Gua mines, and we will do it in three years," he said.

Chief Minister Hemant Soren said, "You all are part of Jharkhand family. And, we want our family to grow further, so that the rich identity of the state comes in front of the country and the world."

Soren said an upgraded industrial policy has been prepared and it is a matter of pride that you have expressed your willingness to invest in Jharkhand.

SAIL is undertaking a massive expansion and modernisation programme under its global ambition, including upgrading and building new facilities with state-of-the-art green technology.

The company has revenue to the tune of over 80,689 crore. In the June quarter, the domestic major returned to the black, posting a consolidated net profit of 3,897.36 crore. The company had posted a 1,226.47-crore net loss in the year-ago quarter.

Its net income during April-June 2021 more than doubled to 20,754.75 crore, compared with 9,346.21 crore in the year-ago period.

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