Jindal Steel to invest Rs.183 bn on Chhattisgarh unit

August 15th, 2008 - 4:20 pm ICT by IANS  

Raipur, Aug 15 (IANS) Jindal Steel and Power Ltd (JSPL) will invest Rs.183 billion in Chhattisgarh to set up a steel unit and a 1,000 MW captive power plant, a company official said Friday. “The company has signed a deal with the Chhattisgarh government to invest Rs.183 billion for a 4 million tonne per annum (MTPA) integrated steel plant, including a 1,000 MW captive power plant at Raigarh,” Pradeep Tandon, vice-president (corporate affairs), JSPL, told IANS.

JSPL already has a 3 MTPA steel unit at Raigarh, some 220 km north of Raipur. According to the agreement, the company will invest Rs.50 billion on the captive power plant out of the total Rs.183 billion investment.

The government will help the company to get coal blocks and iron ore linkage for these projects while the company will complete its projects in a scheduled time-frame in compliance with the state’s industrial policy.

JSPL signed a deal in May 2007 as well for setting up a 3 MTPA steel unit at Raigarh for which work is underway. With the latest agreement, the company is investing a total of Rs.250 billion in the state to take its total annual production to 10 million tonnes from the present 3 million tonnes.

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