Jindal Steel gets nod to expand mine in Australia.

Jindal Steel & Power Ltd. (JSPL) is poised to take up an underground expansion plan at one its two coking coalmines in Australia.

JSPL's step-down subsidiary, Wollongong Coal Ltd. (WCL), has received nod from Australia's New South Wales State for the expansion.

Jasbir Singh, Chairman and CEO of WCL, told Business Line that the company had sought expansion of the profitable mine to 3 million tonnes (mt) a year from the current capacity of 1 mt. The New South Wales Government has asked an empowered committee to give the permission by March next year.

Singh said a significant portion of the funding for the expansion would come from the JSPL group. He, however, did not disclose the quantum of investment requirement as also the timeframe. 'We have not disclosed these to the Australian Stock Exchange (where the company's stock is listed). As of now, we can say it would be a major investment.'


HBL