JB Group mulls investment in many sectors

Mumbai: Hong Kong-based $3-billion JB Group will invest Rs 1,500 crore in India across sectors such as mining, oil and gas, alternative energy, diamonds & jewellery, hospitality and real estate.

“We will set up a greenfield steel plant in one of the southern States. A core team of 15 Professionals are working on the roadmap,” said Mr Jatin Chutke, Vice-President, JB Group.

The company is close to signing prospective mining blocks in Karnataka, Maharashtra and Rajasthan for iron ore, bauxite and coal. JB Group in India now sources agro and high-end garments for its clients abroad, while importing electronic items, chemicals and raw materials for pharmaceutical firms. The company is developing a five-star hotel in Goa for Rs 225 crore.

Coal mining rights

The group has acquired rights for coal mining at Erdos city, Inner Mongolia, with a total mining area of 19.7675 sq km, having more than 800 million tonnes of proven coal reserves. The company’s $350-million methanol refinery, an alternative fuel, in Mongolia is set to go on stream early next year with a capacity of three lakh tonnes and will be expanded to 12 lakh tonnes per annum.

“Our aim is to replicate the methanol refinery plant in India as there is a good demand for alternative fuel,” Mr Chutke said. The JB Group has also acquired interest in five operating open pit coal mines in East Kalimantan and Northern Indonesia Islands. The total mining area in the region is over 30,000 hectares.

“The mines are equipped with all excavation equipment and locations are near ports with loading and berthing facilities,” said Mr Chutke.

The company has signed an agreement with the Angola Government for acquiring 3,000 sq km of area for diamond exploration. The group has identified prospecting areas for copper, nickel, zinc and gold in East and West African region.