JSW to invest Rs 70,000-80,000 cr in 5 yrs

"We have planned to invest about Rs 70,000 to Rs 80,000 crore to expand our operations in steel, cement, infrastructure, power and aluminum sectors in view of the growing domestic needs in these areas," JSW Group Vice-Chairman and Managing Director Sajjan Jindal told PTI.

He pointed out that of the total investment his Group would invest about Rs 40,000 crore in steel sector, which includes ramping up production at its Vijaynagar Plant in Karnataka, while Rs 25,000 crore would be utilised to enlarge its operations in power sector both for captive and greenfield power plants.

 Jindal said another Rs 10,000 crore would be invested for making forays into the aluminum sectors and about Rs 5,000 crore for cement and infrastructure sectors.

 As part of the Group's efforts to establish itself as a major aluminum player, it was setting up an alumina refinery at a cost of Rs 10,000 crore at Vishakhapatnam and the first phase of it would be commissioned by 2011, Jindal said.

 He said JSW's greenfield steel project in West Bengal would be operationalised by 2011-12 and the company would begin the construction work for it by October-November.

 "We hope to commence construction work for our West Bengal project by October-November. The entire project which will cost about Rs 30,000 crore will be operationlised in due course of time. Those who partake their land will be made stakeholders in our project, which is the first of its kind proposal in the country," Jindal said.

The JSW Vice-Chairman and Managing Director said the money of all the projects would be met entirely from the company's internal accruals while the Group would go ahead with an Initial Public Offering to garner about Rs 4,000-5,000 crore from the market for funding its power sector projects.

The Group has posted a net profit after tax after of Rs 270.06 crore for the quarter ended December 31 last year, while its total income was Rs 2878,08 crore during the same period.

 JSW Steel, which is the Group's flagship company has registered a net profit after tax of Rs 328.18 crore during the quarter ended December 31 last year as compared to Rs 326.15 crore earned during the corresponding period previous year.

 Its total income has increased from Rs 2598.18 crore for the said quarter against Rs 2317.34 crore earned during the same period the previous year.

By 2020, the company was looking at having a total capacity of 30 metric tonnes from our three plants in Karnataka, West Bengal and the one being planned in Jharkhand.

 The company has merged the Southern Iron and Steel Company Limited (SISCOL) with itself, thereby increasing its presence in South India.