JSW Steel, led by Sajjan Jindal, has announced a massive investment plan in Odisha, which includes setting up a 10 MTPA cement plant, a 900 MW power plant, a 52 MTPA greenfield jetty port, and a 13.2 MTPA steel plant. This monumental project will involve a cumulative investment of ₹65,000 crore.
The group also intends to expand its cement business to 60 MTPA over the next five years, with an investment of ₹18,000 crore. To achieve this, JSW Group is planning to raise ₹6,000 crore through an IPO.
Sajjan Jindal expressed his satisfaction with the group’s business journey in Odisha, stating that the state has always been a top destination for investments due to the mutual trust between the group and the state.
JSW Infrastructure is also set to establish a greenfield port in Odisha with a cargo handling capacity of 52 million tonnes, primarily to cater to the needs of JSW Steel’s proposed 8 million tonnes pellet plant in the state. Another greenfield port is also being developed in Karnataka.
The company’s port portfolio includes 7 terminals and 2 ports. JSW Steel is also planning to establish a steel plant in Paradip, Odisha, with the assurance from Sajjan Jindal that it will one day become the best steel plant in the world.
The JSW Group has already pumped ₹30,000 crore into the state and is committed to investing an additional ₹1,65,000 crore. With these massive investments, JSW Steel is cementing its position as a major player in the industrial development of Odisha. The company’s plans are set to significantly boost the state’s economy and create numerous job opportunities for the local population.
Published on February 18, 2024
