JSW Group Unveils Mega ₹65,000 Crore Investment in Odisha's Steel and Cement Sector

16 Feb 2024 , 05:23 AM

JSW Group announced on February 16 that it planned to invest ₹65,000 Crore in an integrated steel business, a power plant, a cement factory, and a port facility in Odisha. The annual capacity of the steel factory will be 13.2 Million tonnes.

The corporation stated that the investment will be made in stages, pending the required clearances.

According to a statement from the firm, JSW Steel’s integrated green steel project has the potential to create 30,000 direct and indirect jobs, contributing to the region’s economic growth.

The Industrial Development Corporation of Odisha (IDCO) has granted the group 2,958 acres of land for the construction of the green steel complex, which would be located in the Jagatsinghpur district of Odisha.

The facility’s electricity needs will be met by the captive power plant.

Earlier this week, JSW Steel revealed plans to establish a joint venture with JFE Steel Corporation to build a grain-oriented electrical steel manufacturing facility, with an estimated investment of ₹5,500 Crore.

A memorandum of understanding (MoU) for an electric car and a battery manufacturing facility in Cuttack and Paradip was also recently signed by the group with the Odisha government. ₹40,000 Crore would be invested by the corporation in the massive production complexes.

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