Leading steel-maker JSW Steel plans to expand the steel manufacturing capacity at its Bellary plant in Karnataka at an investment of $5-6 billion, a top company official said.
"We have decided to expand steel manufacturing capacity at our Bellary plant from 10 million tonnes to 16 million tonnes at an investment of $5-6 billion (around Rs 20,000-25,000-crore) in the next three-years," JSW Steel's Vice-Chairman and Managing Director, Sajjan Jindal, told reporters on the sidelines of an event here.
"We are also looking at investing in infrastructure to develop roads, railways and power plants at our Bellary unit," Jindal said, adding that the company is currently working on the details of these investments.
"We have already invested close to Rs 40,000-crore in the Bellary plant and will continue to invest in Karnataka due to the proactive policy of the Karnataka Government," he said.
"Our investment in Karnataka is the largest compared to other units," he said.
"The upcoming ports and extensive railway networks will help industries to grow in the state. The new mineral policy by the Karnataka Government is also a positive initiative," he said.
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Steel prices could go up, he said, as raw material prices have risen substantially.
"There is a huge cost-push because raw material prices have gone up substantially," Jindal said.