Company to invest Rs. 15,000 crore to increase steel production and power generation
600 MW power generation planned at Jindal Vijayanagar Steel at Toranagal An expert team to study feasibility of reviving Kirloskar factory at Harihar
DAVANGERE: Jindal Steel Works Ltd. will invest Rs. 15,000 crore on capacity expansion at Jindal Vijayanagar Steel Ltd. in Bellary in three years.
The company has already invested Rs. 8,000 core to produce an additional 10 million tonnes of steel. It has an ambitious project to produce 600 MW of power at its Bellary plant.
Apart from this, the company plans to set up an aluminium plant in Andhra Pradesh.
Jindal Steel Works vice-chairman and managing director Sajjan Jindal told presspersons here on Saturday that the two expansion works of steel and power would be completed by 2008.
Expressing his confidence over the boom in the steel sector in the coming years, he said at present around 40 million tones of steel was produced and consumed in the country. He said it would rise to 100 million tonnes by 2015.
Mr. Jindal said the company had set up plants in the U.S., Malaysia, and Indonesia. To a question, he said the work force of Jindal Vijayanagar Steel would increase to 15,000 from 7,000 employees.
Mr. Jindal said he would send an expert team to Harihar in another 15 days to examine whether the Kirloskar factory at Harihar, which was closed a few years ago, could be revived.
Mr. Jindal was here to attend the valedictory function of "MaCuFe" (Management Cultural Festival) of the Bapuji MBA College.