Jindal Stainless to invest Rs 1000 crore on spread

 Jindal sources said the company has already entered into a memorandum of understanding with the Orissa government for setting up a 800,000 tonne per annum stainless steel melting facility along with a 160,000 tonne per annum ferro chrome facility in Orissa.

 The company was also looking at tying up raw material ends and had applied for acquiring chrome ore mines with the aim of becoming cost competitive.

 Sources said in the immediate term the company will set up the ferro chrome facility on a priority basis and then take up steel melting. The ferro chrome plant is expected to be completed by the fourth quarter of 2004-05.

 Simultaneously, Jindal Stainless will set up a captive power plant with a capacity of 120 MW to 150 MW.

 The Rs 1,000 crore investment, however, has not factored in Salem Steel Plant. Jindal Stainless has bid for Salem is still pending with Steel Authority of India Ltd (SAIL).

 The debt-equity ratio of Jindal