JSW Steel forms subsidiary to fast-track Rs. 55k-cr projects in Odisha.

The Sajjan Jindal-led JSW Steel has formed a wholly owned subsidiary- JSW Utkal Steel Ltd.- to fast-track the implementation of its 12-million-tonne crude steel plant and other inter-linked projects in Odisha.

The steelmaker has committed an investment of Rs. 55,000 crore on a number of projects, including the integrated steel mill, the 900-megawatt (MW) captive power plant, the 32-million-tonne pellet unit, a captive port and a slurry pipeline to transport iron ore concentrates from Joda to the project site proposed near Paradip.

A source close to the development said JSW steel, in its board meeting, resolved to carry out the implementation of projects in Odisha through the subsidiary company. JSW Utkal Steel Ltd has been incorporated with the Registrar of Companies (RoC).

While the port-based steel plant was initially proposed to be developed by JSW Steel, another group company JSW Infrastructure got the clearance to build the slurry pipeline.

BS