Financial Daily from THE HINDU group of publications
Friday, Oct 07, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 07, 2005 |
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Corporate
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New Projects JSPL, Orissa to sign new MoU Our Bureau
NEW DELHI: Jindal Steel and Power Ltd (JSPL) will sign a memorandum of understanding (MoU) with the Orissa Government for increasing the size of its proposed steel plant in the State from two million tonnes to six million tonnes. Earlier, the company had signed a MoU with the State for a two million steel plant at Deojhar in Keonjhar district at an estimated cost of around Rs 4,000 crore. Now it has been decided that parts of it may be set up in the Angul district also for operational convenience. The company's Finance Director, Mr Sushil Maroo, said that the new MoU would replace the earlier MoU and the revised project cost would now be around Rs 13,000 crore. The whole project would take five years to be completed, he said. The 6-mt plant would be set up in two phases of 3 mt each. The company has also signed a MoU with the Jharkhand Government for setting up a 5-mt steel plant. The company's ongoing expansion at its Raigar facility in Chhattisgarh is expected to go on-stream by September 2006 increasing the capacity from the present 1.1 mt to 2.4 mt.
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