JSW Group To Invest Rs 3,400 Crore In Bengal Over 2-3 Years
JSW has decided to develop a model farm as CSR activity on 294 acres of land out of the 4,000 acres acquired by the group for a 10 million-tonne Rs 35,000 crore integrated steel plant, which is now on hold.
Photo Credit : Reuters
JSW Group will invest Rs 3,400 crore in various new and existing projects in West Bengal over the next two-three years, Chief Minister Mamata Banerjee said.
"JSW Group will invest Rs 3,400 crore in new projects besides the existing cement plant at Salboni (in West Medinipore)," Banerjee told reporters at the state secretariat in Kolkata after meeting JSW Group Chairman Sajjan Jindal.
The fresh investment would create 3,000 direct and indirect employment opportunities.
"In cement expansion, they will infuse Rs 700 crore, Rs 200 crore in captive power plant, decorative paints Rs 1,500 crore and Rs 1,000 crore in the downstream steel unit," she said.
Besides this, JSW Group has decided to develop a model farm as CSR activity on 294 acres of land out of the 4,000 acres acquired by the group for a 10 million-tonne Rs 35,000 crore integrated steel plant, which is now on hold.
The Jindals had agreed to return 294 acres purchased directly from farmers for the project but after they declined to accept the land, the group has decided to develop an agricultural project on the plot on cooperative basis with land owners being its members.
Jindal told reporters that the 2.4 million tonne cement plant will be completed by March.
"My son Parth who is looking after this project has already decided to double the capacity to 4.8 million tonne by 2018," he said.
"Project reports for other plans are underway and we expect in the next 2-3 years the new projects will get completed," Jindal said after the hour-long meeting with the chief minister.
The decorative paint plant will be of 2 lakh KL capacity and the downstream steel unit will be of 0.5 million tonne.
The steel would be sourced from either Maharashtra or Karnataka.
JSW Group will be able to strengthen its Karnataka steel plant after winning iron-ore blocks put on auction recently.
Meanwhile, Jindal appreciated the peaceful environment of the state and said they were very impressed with the development and business-friendly atmosphere.