JSPL to invest Rs 1 lakh cr in Jharkhand

Jindal Steel and Power (JSPL) today said it planned to invest about Rs 1,00,000 crore in Jharkhand to set up two steel plants of 11 million tonne annual capacity by 2016, along with 6,600 MW power plants.

Of this, a steel bar mill of 1.2 million tonne per annum capacity in Patratu was commissioned today by Chief Minister Arjun Munda and Jharkhand Mukti Morcha leader Shibu Soren, the company said in a statement.

It added that a steel plate mill of 0.6 million tonne per annum is already operational in Patratu, where the JSPL intends to set up an integrated steel mill of total 6 million tonne capacity by second half of 2015.

"Both the mills form an integral part of our 6 million tonne integrated steel plant being set up at Patratu with an investment of over Rs 25,000 crore," the statement said.

Besides this, JSPL also has plans to set up another 5 million tonne capacity steel plant at Asanboni in East Singhbhum district in the state which is expected to be commissioned by 2016, it added.

Talking about setting up power plants in Jharkhand, the company said that two plants of 1320 MW each at Dumka and Godda is also on the anvil. It, however, did not give the proposed investment on the power plants and by when it will get commissioned.

Moreover, Jindal Power, a subsidiary of JSPL, is coming up with 2,640 MW power plant in Simdega in the state, while a separate group firm is setting up a 1,320 MW plant in Jharkhand, the company statement said.

"The total investment outlay for Jharkhand is over Rs 1,00,000 crore which upon successfully commissioning will provide direct and indirect employment to more than 75,000 persons," it added.

Stating that this would be the single largest investment in the Eastern state, company's Managing Director Naveen Jindal said, "We are happy to be a partner in the progress of Jharkhand. The plant will provide gainful employment in the state and will also help in the economic and infrastructure development of the region."