JSW Steel lines up Europe, US buyouts

The Sajjan Jindal-controlled Jindal South West Steel Ltd (JSW Steel) is considering acquisition of facilities in Europe and the US.

The company is also going to make strategic investments in coal mines in Australia and Canada, which will enhance the supply of its raw materials.

Earlier, Jindal Steel and Power Ltd (JSPL) "� controlled by Naveen Jindal "� had acquired Bolivia's largest iron ore mines.

Confirming the development, MVS Seshagiri Rao, director "� finance, JSW Steel, said, "The plans are at an exploratory stage and, as of now, there are no concrete proposals. We are looking at Europe and the US for these (facilities) overseas acquisitions."

In the domestic market, the company is currently in a capacity enhancement process.

"We are on an expansion mode. We are increasing our capacity up to four million tonne a year by this July and will take it to 7 million tonne by March 2009," he said.

JSW is also considering the option of setting up greenfield projects in Jharkhand and West Bengal. "The plans are announced, and we are looking for tie-ups for raw materials and land for these projects," Rao said.

After the modernisation process with an investment of Rs 2 billion, JSW restarted production at its Toranagallu unit in Karnataka. The rolling mill capacity has been enhanced to three million tonne a year.