JSW Steel Ltd, India's largest steelmaker by capacity, will invest 65,000 crore in Odisha to set up one of its biggest manufacturing plants, adding to the country's efforts to boost production of the alloy.
The announcement comes close on the heels of the $23-billion JSW Group announcing a ₹40,000 crore investment in Odisha for an electric vehicle and a battery manufacturing unit, taking its investment in the state to more than 1 trillion.
It has also announced a ₹15,500 crore investment in Karnataka.
In the announcement made on Friday, JSW Steel said it will establish a greenfield complex in the industrial city of Paradip, which will include a steel plant with a capacity of 13.2 million tonnes per annum (mtpa), a captive power plant, captive jetties with cargo-handling capacity, a cement manufacturing unit, and a modern township. The investment will be in phases.
"Steel plays the most important role in building any great nation. A steel plant changes the lives of future generations and positively affects the economy in many ways," said Sajjan Jindal, chairman of JSW Group, following a foundation-laying ceremony on Friday that was presided over by Odisha chief minister Naveen Patnaik.
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