Jai Balaji Industries Limited (JBIL), the flagship company of Jai Balaji Group, started its operations in West Bengal in the year 1999 with a unit at Ranigunj. Since then the company has continuously expanded or rather multiplied its operations and now ranks amongst the top ten steel producers in the country and is one of the fastest growing steel companies in India. The financials of the company have also shown significant improvement. The company has already clocked a turnover in excess of Rs 1000 Crore during the first half of the current financial year. EBIDTA for the first half of the current financial year was Rs 173 Crore against Rs 298 Crore for the financial year 2007-08. The networth of the company has improved to Rs 817 Crore as in September 2008 from Rs 759 Crore as in March 2008.
The Management has, within a record time of 42 months along with its excellent technical team, already setup 1 million ton fully integrated Steel Plant and Ferro Alloys Plant along with Captive Power Plant and Private Railways Siding. The company has also expanded geographically and now has presence in three states namely West Bengal, Jharkhand and Chhattisgarh. The major facilities are located in the state of West Bengal. This achievement highlights the Financial, Technical and Project execution skills of the management to successfully execute large projects within record time. The Group already created direct and indirect employment opportunities in excess of 30000 people in the state. The corporate social responsibilities and social welfare activities undertaken by the company are clearly evident from the welfare of the people in the district.
“Growth” has been the middle name of the Group and to fulfill the dream of setting up one of the largest steel plants in India in the state of West Bengal, Jai Balaji Industries has signed a Memorandum of Agreement with the Government of West Bengal for setting up a 5 million ton integrated steel plant, 3 million ton cement plant and 1215 MW captive power plant in Purulia district of West Bengal. The total capex for the Purulia project is estimated to be Rs 16000 Crore.
The project, once completed, will be one of the largest and most modern steel plants. The project single handedly will be able to usher in industrial activity and economic development of the Purulia district. The project will lead to setting up of many ancillary units in the district and will generate direct and indirect employment to another 45000-55000 people. The Cement plant of 3 million ton will be one of the largest in the state -- a necessity in view of the large infrastructural development activities being undertaken in the state. The project will be iconic in nature and will attract further investments into West Bengal.
Today, JBIL’s dream project “PURULIA” has achieved a major milestone with the handing over of 748.97 acres of land to start the activities of the first phase of the project through WBIDC, the nodal agency of the State government, and in the august presence of Shri Nirupam Sen, Hon’ble Minister of Commerce and Industries, Govt. of West Bengal, Shri Basudev Acharya, Member of Parliament, Shri Sabyasachi Sen, Secretary, Commerce and Industries, Govt. of West Bengal, and Shri Subrata Gupta, MD, WBIDC. JBIL will be starting work on the project, including land development activities, as soon as the other regulatory clearances are in place.
With the project execution skill, financial and technical strength, active support from the State Government and the goodwill generated in the people through its existing social welfare activities, JBIL is confident of successfully completing the project.
JBIL also takes this opportunity to thank the State Government, the WBIDC, the local administration of Purulia and most importantly the people of the state, with special mention of the people of Purulia for their whole-hearted support to the project.
