JSW to set up $42-mn plant in Georgia

 Both companies will invest $7 million each via the direct equity route and the remaining $28 million will be raised by way of debt.  The European Bank for Reconstruction and Development (EBRD) will provide 50 per cent of the required debt amount.  The 175,000-tonne-a-year plant will be commissioned later this year, JSW Steel officials said. Rebars, as they are termed, are commonly used in reinforced concrete and masonry structures. They are usually made from carbon steel and are given ridges for better frictional adhesion with concrete.  Seshagiri Rao, director (finance), JSW Steel, said: "The plant will begin to generate revenues by 2009-10. The market for such products is of 500,000 tonne per annum in Georgia."  Meanwhile, the company has also said that it will invest upto Rs 14,000 crore as capital expenditure by 2010, of which about Rs 5,800 will be invested this year through a mix of debt and equity.  In the last 18 months, the company has invested Rs 10,500 crore.  Rao further added that the company is on schedule to achieve the production target of 7.8 million tonnes per annum by September-October this year.  By 2020, according to company officials, JSW Steel is on course to produce 32 million tonnes of steel per annum. The company currently produces 4.2 million tonnes per year.  In order to procure raw materials like iron ore and coal, the company is pursuing mine acquisitions in India as well as abroad.  It has applied for a mining lease in Jharkhand's Ankua region.  The company has also acquired a 70 per cent stake in Chile located mining company Santa Fe Mining.  The mines owned by Santa Fe will be developed over the next three years to produce 20 million tonnes per annum.