JSW to invest ₹65,000 crore to set up integrated steel complex in Odisha

JSW Steel lays foundation for Odisha plant, investing ₹65,000 crore, creating 30,000 jobs, and prioritising green technology and sustainability [View in browser]( [See all newsletters]( 17 February 2024 JSW to invest ₹65,000 crore to set up integrated steel complex in Odisha [Odisha Chief Minister Naveen Patnaik flanked by JSW Group, Chairman, Sajjan Jindal lays stone for new JSW Steel plant in the state] Sajjan Jindal-led JSW Group plans to invest ₹65,000 crore in setting up an integrated steel manufacturing complex comprising a steel plant with 13.2 mtpa capacity, a cement factory, and a captive power and cargo handling facility at Paradip in Odisha. JSW Steel laid the foundation stone for building the steel plant on Friday after the Industrial Development Corporation of Odisha handed over 2,958 acres of land to the company. Proposed in 2018, the Odisha government handed over JSW Steel the land it had acquired originally for a 12 mtpa steel project proposed by POSCO. JSW Steel already owns two captive and merchant iron ore mines in Odisha and is in the process of setting up a pellet plant. The iron ore mined in Odisha are used in the company’s steel plants at Dolvi in Maharashtra and Vijayanagar in Karnataka. So far, JSW Group has invested about ₹35,000 crore in Odisha and is expected to invest another ₹1.25-lakh crore. - Also read: [JSW Steel launches manufacturing joint venture with Japanese company]( The new project in Odisha is expected to drive economic growth in the region by fostering a robust ancillary and downstream ecosystem with an employment potential of about 30,000 jobs, said the company. The Integrated Complex will adopt green technology and circular economy practices for cleanliness, greenery, and best-in-class technologies. Sajjan Jindal, Chairman, JSW Group, said steel plays the most important role in building any great nation, and a steel plant changes the lives of future generations besides having a positive impact on the economy in many ways. “I can clearly predict that our steel manufacturing facility in Odisha will one day become the best steel plant in the world,” he added. - Also read: [jsw cement prepares ground for 6500 cr ipo]( Over the last three decades, JSW Steel has grown from a single manufacturing unit to become India’s leading integrated steel company, with a capacity of 29.7 MTPA in India and the US. Its next phase of growth in India will take its total capacity to 38.5 mtpa by FY25. The company’s manufacturing unit in Vijayanagar, Karnataka, is the largest single-location steel-producing facility in India, with a capacity of 12.5 mtpa. These products are extensively used across industries and applications, including construction, infrastructure, automobiles, electrical applications, and appliances. Over the last three decades, JSW Steel has grown from a single manufacturing unit to become a leading integrated steel company with a capacity of 29.7 mtpa in India and the US. Its next phase of growth in India will take its total capacity to 38.5 mtpa by FY25. Earlier this week, JSW Steel established a 50:50 JV with JFE Steel Corporation, Japan, for the production of grain-oriented electrical steel in Karnataka with an investment of ₹5,500 crore. Last week, JSW Group announced plans to invest ₹40,000 crore in an integrated electric vehicle (EV) and EV battery manufacturing project in Odisha, which is expected to create over 11,000 jobs. You Might Also Like [Delhi HC disposes startups’ plea on Google Play billing; CCI sets hearing on Feb 21]( [Info-tech]( [Delhi HC disposes startups’ plea on Google Play billing; CCI sets hearing on Feb 21]( [Paytm Bank’s merchants, customers get 2-week breather to make alternative arrangements]( [Money & Banking]( [Paytm Bank’s merchants, customers get 2-week breather to make alternative arrangements]( [Congress Bank accounts not frozen, transactions for a lien of ₹115 crore frozen: I-T Dept to ITAT]( [National]( [Congress Bank accounts not frozen, transactions for a lien of ₹115 crore frozen: I-T Dept to ITAT]( [OpenAI unveils Sora: Text-to-video AI system]( [Info-tech]( [OpenAI unveils Sora: Text-to-video AI system]( Stay informed Subscribe to businessline to stay up-to-date with in-depth business news from India [arrow]( Copyright @ 2024, THG PUBLISHING PVT LTD. If you are facing any trouble in viewing this newsletter, please try [here]( Manage your newsletter subscription preferences [here]( If you do not wish to receive such emails go [here](