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JSW forms subsidiary JSW Utkal Steel to fast-track steel project in Odisha- The 19th China£¨Guangzhou£©Int¡¯l Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
12/6/2017 Sheetmetal machinery, Forging, Stamping expo |
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Business Standard reported that the Sajjan Jindal-led JSW Steel has formed a wholly owned subsidiary JSW Utkal Steel Ltd to fast-track the implementation of its 12-million-tonne crude steel plant and other inter-linked projects in Odisha. The steelmaker has committed an investment of INR 55,000 crore on a number of projects, including the integrated steel mill, the 900 megawatt captive power plant, the 32 million-tonne pellet unit, a captive port and a slurry pipeline to transport iron ore concentrates from Joda to the project site proposed near Paradip.
A source close to the development said JSW steel, in its board meeting, resolved to carry out the implementation of projects in Odisha through the subsidiary company. JSW Utkal Steel Ltd has been incorporated with the Registrar of Companies.
While the port-based steel plant was initially proposed to be developed by JSW Steel, another group company JSW Infrastructure got the clearance to build the slurry pipeline.
An Odisha government official said that ¡°JSW Steel has requested the state government to transfer all clearances and approvals to JSW Utkal Steel Ltd. They have submitted the annual reports, annual returns, Articles of Association and board resolution of both the companies.¡±
The state government said that it is currently examining the submitted papers.
JSW Steel had originally proposed to set up a 10 million tonne per annum shore based steel plant in Odisha. It had asked for 4,500 acres of land for the steel mill. Later, the company submitted a revised project plan, seeking a higher capacity steel project.
With the reconfiguration of its proposed project expected to see the use latest technology, JSW Steel is likely to settle for a smaller land parcel measuring 2,700 acres.
The Odisha government is set to hand over the land that was initially acquired by Posco for a 12 million tonne per annum steel project.
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The 19th China£¨Guangzhou£©Int¡¯l
Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
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