The JSW group is not in a position to proceed with its 10-million tonne steel project in West Bengal, JSW Steel Chairman and Managing Director Sajjan Jindal said here on Monday.
However, the company is not willing to give up the vast tract of land, nearly 4,500 acres, in its possession at Salboni in Paschim Medinipur district.
Mr. Jindal was here in connection with the inauguration of a steel building, being promoted by the Institute for Steel Development & Growth (INSDAG). He is the President of INSDAG.
Mr. Jindal said the proposed Rs.35,000-crore project, which was to be implemented in phases, would need to be re-examined as it did not have either coal or iron ore supply tie-ups. He said as JSW Bengal had already invested Rs.700 crore in the project, and JSW was keen about it. However, given the raw material uncertainties, it was not practical to go ahead with the project, he pointed out.
The three coal mines allocated to JSW have been cancelled in the wake of the Supreme Court’s decision, and the company said that it would bid for these when they were put on auction.