JSW to invest Rs 1 trn in Maha's Gadchiroli for world's largest steel plant

JSW Group Chairman Sajjan Jindal on Friday announced an investment of Rs 1 trillion for setting up a 25 million tonne steel plant in Maharashtra's Gadchiroli district, news agency PTI reported.

 

The investment will be spread over the next seven to eight years. It can be one of the most ambitious projects in India’s steel sector.

 

The announcement was made at the Advantage Vidarbha Conclave in Nagpur, attended by Maharashtra Chief Minister Devendra Fadnavis and Union minister Nitin Gadkari.

 

Jindal stated that the Gadchiroli steel plant will not only be the "largest in the world" but also the "most beautiful and environmentally friendly" steel-making facility.

 

The first phase of the project is expected to be completed within four years. This project is expected to boost employment opportunities and economic growth in the Vidarbha region of Maharashtra.

 

India’s steel industry overview

With 125 to 130 million tonnes per year, India is the second-largest producer of crude steel in the world, after China. The industry is a key driver of the country's economy, contributing significantly to GDP, employment, and infrastructure development.

 

India’s steel industry accounts for 2 per cent of India's total GDP. India exports to markets like Europe, the Middle East, and the US.

 

Furthermore, it also provides direct employment to over 500,000 people and indirect employment to millions.

 

To boost the steel production in the country, India also has the National Steel Policy (NSP) introduced in 2017 that aims to increase production to 300 million tonnes by 2030.