"JSW Announces Rs 65,000 Crore Investment for Integrated Steel Complex in Odisha"

JSW Steel and other entities within the JSW Group are gearing up to inject approximately Rs 65,000 crore into establishing an integrated manufacturing complex in Jagatsinghpur district of Odisha, announced the steelmaker on Friday.

The envisioned complex will encompass an integrated steel manufacturing facility, a power plant, a cement unit, and jetties. The foundation stone for the project was laid by Odisha Chief Minister Naveen Patnaik, accompanied by JSW Group Chairman Sajjan Jindal and Parth Jindal, Managing Director of JSW Cement and JSW Paints.

Sajjan Jindal expressed the significance of the occasion, stating, "Today is a very special day in the life of JSW Steel as we lay the foundation stone of the long-cherished steel plant at Paradip in the state of Odisha. This would be the first steel plant with the largest capacity of 13.2 million tons to start with."

Anticipated to catalyze economic growth in the region, the integrated green steel plant aims to foster a robust ancillary and downstream ecosystem, potentially generating around 30,000 direct and indirect employment opportunities, according to JSW Steel.

The greenfield steel complex will be situated at Dhinkia Nuagaon and Gadakujanga under Erasama tehsil in Jagatsinghpur district. The Industrial Development Corporation of Odisha has allocated more than 2,958 acres of land to JSW for the complex, with 30% designated for the preservation of forests and water bodies.

Previously earmarked for Posco, the South Korean steel major, the area saw the abandonment of the project due to protests against land acquisition.

In addition to the steel plant, the JSW project encompasses a captive power plant, cargo-handling jetties, a cement manufacturing unit, and a township.

JSW Steel is currently undergoing an expansion that is expected to elevate its annual capacity in India from 28.2 million tonnes (MT) to 37 MT by FY25. The company aims to achieve a capacity of 50 MT by FY31.

In a separate development, the JSW Group recently inked an agreement with the Odisha government to establish an integrated electric vehicle and EV battery manufacturing project in Cuttack and Paradip. With an investment of Rs. 40,000 crore, the project is projected to create over 11,000 jobs.

BS