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Read more about JSW Steel seeks land, green nod for 2,980-acre mega steel plant at Paradip on Business Standard. JSW Steel is also scouting for three stressed assets and bidding for Bhushan Steel and Bhushan Power & Steel and Monet Ispat which are all at the NCLT

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jsw steel seeks land green nod for 2 980 acre

JSW Steel seeks land, green nod for 2,980-acre

mega steel plant at Paradip

The Sajjan Jindal-controlled JSW Steel has sought permission to acquire 2,980

acres to set up a mega steel plant at Paradip in Odisha and has also sought the

green nod for the same.

"We have applied for 2,980 acre to set up a steel plant and are awaiting the final

approval from Odisha. We are also seeking forest clearance for the plant at

Paradip. We will decide on capacity of the plant once we have approvals in hand,"

JSW Steel joint managing director and group CFO Seshagiri Rao told PTI.

JSW Steel, which is first time entering mineral rick Odisha state, had originally

proposed to set up a 10 mtpa capacity shore-based steel plant. The state is

expected to hand over the land it had acquired originally for a 12 mtpa steel

project proposed by POSCO at Jagatsinghpur district.

Rao refused to divulge investment details saying that will be finalised after the

land allocation.

the korean steel giant had in 2005 announced

The Korean steel giant had in 2005 announced a Rs 520 billion (Rs 52,000 crore)

investment to set up a 12 million tonne plant but due to land acquisition issues

abandoned the same after waiting for more than a decade.

JSW Steel is in expansion mode and is also evaluating various opportunities for

acquisitions to achieve the target of becoming 40 mt by 2030, Rao said.

JSW Steel is also scouting for three stressed assets and bidding for Bhushan Steel

and Bhushan Power & Steel and Monet Ispat which are all at the NCLT.

"We are actively looking at Bhushan Steel, Bhushan Power & Steel and Monnet

Ispat & Energy. We have already submitted the resolution plan for Monnet Ispat

and finalise bidding process for Bhushan Steel and Bhushan Power & Steel," Rao

added.

Bhushan Steel, Bhushan Power & Steel and Monnet Ispat are among the first list

of 12 large companies which were referred by the Reserve Bank to the National

Company Tribunal Law (NCLT) for insolvency proceedings.

Monnet Ispat, the flagship of the Monet Group, has a sponge iron unit with a

capacity of 1 lakh tonne per annum.

It also has an integrated steel plant in Raigarh in Chhattishgrah with HR coil

capacity of 1.5 mt.

Bhushan Steel owes an amount of Rs 444.78 billion (Rs 44,478 crore) to its

lenders. According to the information on Bhushan Steel website, it is the third

largest secondary steel producer with an existing steel production capacity of 5.6

mt.

Commenting on expansion plans, Rao said the companys doubling of steel making

capacity from 5 mtpa to 10 mtpa is expected to be commissioned by March 2020.

The expected project cost is Rs 150 billion (Rs 15,000 crore) implying capital

outlay of $470 per tonne.

It is also expanding its Vijayanagar CRM complex capacity from 0.85 mtpa to 1.8

mtpa expected to be commissioned by September 2019. The project cost is

estimated at Rs 20 billion (Rs 2,000 crore), he said.

To cater to the growing market of tinplate for packaging industry, the company is

setting up a tinplate mill having 0.2 mtpa capacity at Tarapur in Maharashtra at an

estimated cost of Rs 6.5 billion (Rs 650 crore).