Comments
JSW Steel Ltd is set to begin construction of its mammoth Rs 35,000-crore integrated steel plant at Salboni in West Bengal — nearly four years after the project was proposed, in 2007.
If implemented, the project will be the first major investment in the State under the leadership of the Chief Minister, Ms Mamata Banerjee.
According to Mr Biswadip Gupta, CEO and joint MD of JSW Bengal Steel, the company has got possession of the 4,000 acres at Salboni, approximately 150 km from Kolkata, and is awaiting registration for the same to achieve the financial closure of the proposed 10-million-tonne project.
“We have already apprised the West Bengal Government that we will complete commissioning of the project in 36 months from this year,” Mr Gupta told Business Line .
“We have completed the project planning. The land is now in our possession. We are just awaiting completion of the registration procedure. Project commissioning is set to begin in this year.”
The West Bengal Commerce and Industry Minister, Mr Partha Chatterjee, confirmed that in a recent meeting JSW has expressed its readiness to go ahead with the project. “JSW has apprised us about the progress of the project. We have asked them to submit a production plan,” he said.
JSW Bengal is a 89 per cent subsidiary of JSW Steel. West Bengal Government holds the residual 11 per cent stake in the company.
The project was impacted by the global economic meltdown since the end of 2008.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.