JSW Steel to invest Rs 15, 000 cr on steel plant in Kendrapara

OST Business Bureau

BHUBANESWAR, July 29

JSW Steel promoted by Sajjan Jindal today proposed to invest about Rs 15, 000 crore on a steel plant in Kendrapara district.

“It was an exploratory visit of JSW to set up steel project in Odisha. After exploring some other places, we found that Kendrapara suits our needs the best,” JSW Steel Managing Director (MD) Sajjan Jindal told media persons here after meeting Chief Minister Naveen Patnaik in the company of Kendrapara MP Bajijayant Panda here.

Jindal said the company zeroed in on Kendarapara due to its proximity to two ports – Paradeep and Dhamra – which he said would facilitate the easy transport of finished material through the sea route.

Asked about the size of the proposed plant, he said; “It is difficult to say anything concrete about the size at this stage since this is only an exploratory visit. The size of the plant would depend on a host of factors and will be clear after six months.”

The JSW head was also non-committal on when the company would sign the MoU with the state government. “The Chief Minister was very supportive of the proposal and has asked us to get back after finalising things,” he said.

“Odisha is best suited for steel industries since it has raw material, skilled manpower and also government support,” said the JSW MD.

Panda said another factor that makes Kendarapara an attractive destination for the Jindals is the fact that the Paradeep-Haridaspur railway line is fast nearing completion. “This would facilitate easy transport of raw material from the iron ore belt,” said Panda who made an aerial survey of the area with Jindal earlier in the day.