JSW May Invest Rs 1 Trillion In Karnataka: Sajjan Jindal

Sajjan Jindal made the announcement while addressing the Global Investors Meet in Bengaluru. He said that the group has already invested Rs 1 trillion in the state. Currently it has a capacity of 12 million tonnes per annum (mtpa) making it India’s largest manufacturing unit in Vijayanagar. Expectedly it would enable the company to achieve its target of 37 mtpa by FY25. Also, the company runs steel plants in Maharashtra and Orissa

The Indian Industrialist and chairman of the JSW Group, Sajjan Jindal, said that group has plans to invest Rs 1 trillion in coming five years in all its businesses based in Karnataka, on 2 November.

Jindal made the announcement while addressing the Global Investors Meet in Bengaluru. He said that the group has already invested Rs 1 trillion in the state. The additional investment would made be sectors such as steel, green energy, cement, paints and a new greenfield port, he said.

Currently it has a capacity of 12 million tonnes per annum (mtpa) making it India’s largest manufacturing unit in Vijayanagar. JSW’s a steel plant in Vijayanagar, Karnataka is located in the Ballari-Hospete iron ore belt which is the single-location integrated steel-making facility.

Earlier, the steel major had said that in order to expand its capacity to 18 mtpa, the company would invest Rs 15,000 crore by FY24 at Vijaynagar unit. Expectedly it would enable the company to achieve its target of 37 mtpa by FY25. Also, the company runs steel plants in Maharashtra and Orissa.

Jindal highlighted the supply-side constraints that businesses were facing and were overpowering demand, during the Global Investors Meet.

The Supreme Court, lifting the ban imposed on iron ore export from the Ballari, Chitradurga, and Tumakuru districts mines, in Karnataka had allowed miners to directly sell the ore, in May this year.

It benefitted steel companies, as it would hike the availability of iron ore, according to experts. Before this judgement, iron-ore miners in Karnataka were not allowed to directly sell the output, instead sell through the e-auction route only which came from the 2011 ban on export of iron ore directly from the state.