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Friday, Apr 30, 2004

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Jindal Steel to complete expansion ahead of schedule

Our Bureau

New Delhi , April 29

JINDAL Steel & Power Ltd (JSPL) is all set to complete its expansion in the steel and power sectors ahead of schedule.

The company has informed the stock exchanges that various projects, with an estimated investment of Rs 550 crore, which were scheduled to be completed in two phases by March 2005 and September 2005, are likely to be completed by December this year, which would be three to nine months ahead of the schedule.

The expansion projects include increase in sponge iron manufacturing capacity from the existing 6.5 lakh tonnes to 13.1 lakh tonnes amd increase in power generation capacity from 205 MW to 255 MW. Besides these are increasing the capacity of the steel melting shop from 4 lakh tonnes to 11.5 lakh tonnes and increasing the coal washery capacity to six million tonnes from the present 3.5 million tonnes.

According to company officials, early completion of these projects will have a positive impact on the company's finances. It will help increase the turnover as well as profit, which would be partly reflected in the financial performance of the company during the current financial year 2004-05 and will be fully taken into account in fiscal 2005-06.

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