JSW Steel to invest Rs 45,000 crore to expand manufacturing capacities

JSW Steel will invest about Rs 45,000 crore from FY2017-18 to FY2020-21, in a bid to expand steel making capacities and also to modernise and expand capacities of its downstream businesses.

Addressing shareholders at the company’s 24th AGM, JSW Steel chairman Sajjan Jindal said, “these projects will further enhance our efficiencies and generate superior returns. The completion of these projects will take our overall capacity from 18 MTPA currently to 24.7 MTPA by March 2020.”

He said further: “In the domestic market, our consortium, along with a financial partner, has emerged as the successful bidder for acquiring Monnet Ispat and Industries Limited, a 1.5 MTPA steel-making facility in Chhattisgarh.”

Jindal also said: “We are very constructive about the long-term growth potential for steel consumption in India. Even at a reasonable rate of growth of around 7% p.a. for the overall steel demand, India will need to create over 150 million tonnes of new steel capacity in the next 10 years. As one of the most competitive and efficient players with a healthy balance sheet, your company will be looking to capitalise on this opportunity and invest in capacity expansion through both organic and inorganic routes and grow our market share.”

Image Credit : images.financialexpress.com

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