The Hindu : Business : JSW Steel’s Bengal project on schedule

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Tuesday, Oct 21, 2008
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JSW Steel’s Bengal project on schedule

Special Correspondent

Foundation will be laid on November 2

JSW Bengal Steel will execute the project
Phase-I will involve Rs. 10,000 crore investment

KOLKATA: West Bengal’s biggest industrial investment in recent times will be flagged off in the presence of Chief Minister Buddhadeb Bhattacharjee at Salboni in West Medinipur on November 2. The project entails setting up of a 10 million tonne steel plant in phases with a first phase investment of over Rs. 10,000 crore by 2012.

The project is being set up by JSW Steel which is the second largest steel producer in the country, a company release said. JSW Steel, part of the O. P. Jindal group, announced the execution of the project on Monday by its subsidiary JSW Bengal Steel.

Biswadip Gupta, Joint Managing Director and Chief Executive Officer of JSW Bengal Steel, said “the Bengal project is right on track and we are sticking to our earlier schedule. The foundation laying ceremony will be held as scheduled on November 2.”

External Affairs Minister Pranab Mukherjee, Union Steel Minister Ram Vilas Paswan, Union Civil Aviation Minister Praful Patel and Minister of State for Steel Jitin Prasada will also attend the function.

However, the schedule of activities of the proposed project has been reworked in tune with the global financial meltdown.

While earlier it was thought that the project would be implemented in two equal phases, now it has been decided to reschedule steel making to 2012 and start the project with a pellet and a beneficiating plant.

This is expected to entail an investment of Rs. 4,500 crore.

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