The Rs 70,000-crore project of JSW Steel to set up 20 million tonnes per annum (MTPA) of steel facilities will be delayed further with the company today saying it would review the "hold" decision in 2010-11.
JSW Steel had proposed to set up two integrated steel plants with an annual production capacities of 10 million tonnes each in West Bengal and Jharkhand.
The company had started the work on the phase-I of West Bengal project but any installation was yet to start at the Jharkhand facility.
Earlier this year, the company had put on hold the construction of the steel plant in West Bengal in view of the global slowdown, sluggish demand and liquidity crunch. The construction was to earlier start in November 2008.
"The greenfield projects are on hold. They will be only reviewed in FY11," JSW Steel Joint Managing Director and Group CFO Seshagiri Rao told PTI in an interview.
The steel firm had already slashed investment by a third to Rs 4,000 crore in the first phase for setting up the plant.
The company had not mentioned any time-line for the 10-MTPA plant proposed in Jharkhand, where the company is in process of acquiring land and developing mines for the proposed plant. JSW Steel had already acquired the needed land in West Bengal and was setting up beneficiation unit, pellet plant and developing mines.
However, Rao said, the company will achieve the 10-MTPA capacity at its Karnataka plant by March 2011.
