JSW to invest Rs 65,000 cr for integrated steel complex in Odisha

Plant will also have a captive power plant, cement manufacturing unit, township, jetties

JSW Steel and JSW group entities will invest about Rs 65,000 crore over time to set up an integrated manufacturing complex in Jagatsinghpur district of Odisha, said the steelmaker on Friday.

The complex will have an integrated steel manufacturing facility, a power plant, a cement unit and jetties. The project’s foundation stone was laid by Odisha Chief Minister Naveen Patnaik, who was joined by JSW group chairman Sajjan Jindal and Parth Jindal, managing director of JSW Cement and JSW Paints.

“Today is a very special day in the life of@ jsw steel as we lay the foundation stone of the long cherished steel plant at Paradip in the state of Odisha. This would be the first steel plant with the largest capacity of 13.2 million tons to start with,” said Sajjan Jindal on X (formerly Twitter).

The integrated green steel plant is expected to drive economic growth in the region by “fostering a robust ancillary and downstream ecosystem” with employment potential of approximately 30,000 direct and indirect jobs, said JSW Steel.

The greenfield steel complex will be set up at Dhinkia Nuagaon and Gadakujanga under Erasama tehsil in Jagatsinghpur district. The Industrial Development Corporation of Odisha has given more than 2,958 acres of land to JSW for the complex where 30 per cent will be dedicated for preserving forests and water bodies.

The place was earlier earmarked for Posco, the South Korean steel major, but the project was abandoned after protests against land acquisition.

Apart from the steel plant, the JSW project includes a captive power plant, jetties with cargo-handling capacity, cement manufacturing unit and township.

JSW Steel is carrying out an expansion that would take its annual capacity in India from 28.2 million tonne (mt) to 37 mt by FY25. It has set sights on achieving a capacity of 50 mt by FY31.

The JSW Group last week announced it had signed an agreement with the Odisha government to set up an integrated electric vehicle and EV battery manufacturing project in Cuttack and Paradip. The project will have an investment of Rs 40,000 crore and is expected to create more than 11,000 jobs.