Odisha CM Patnaik lays foundation stone for JSW's Rs 65K cr steel facility

Odisha Chief Minister Naveen Patnaik on Friday laid the foundation stone for a steel project of JSW Group to be set up at an estimated investment of Rs 65,000 crore.

The proposed project would have an annual steel manufacturing capacity of 13.2 million tonne (MT) with a captive power plant and captive jetties with cargo-handling capacity, JSW Steel said in a BSE filing.

The complex at Dhinkia Nuagaon and Gadakujanga under Jagatsinghpur district will also have a cement manufacturing unit and modern township and other components, it said.

The chief minister was joined by JSW Group Chairman Sajjan Jindal and his son Parth Jindal, State Industries Minister Pratap Keshari Deb and other senior company and government officials.

"The integrated steel project by JSW Steel 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 & indirect jobs," the company said.

The Industrial Development Corporation of Odisha (IDCO) has handed over 2,958 acre of land to JSW for setting up the integrated manufacturing facility with 30 per cent of the total project land to be dedicated for preservation of forests and water bodies.

On the investments, the filing said "JSW Steel & JSW Group entities have envisaged an investment of approximately Rs 65,000 crore, subject to necessary approvals, in order to establish this integrated complex in a phased manner."

JSW Steel is the flagship business of the diversified USD 23 billion JSW Group which also has interests in energy, infrastructure, cement, paints, sports, and venture capital.