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JSW Steel Ltd, jointly with Tokyo-based Marubeni Itochu Steel Inc will be setting up a second steel processing centre at Pune, the former said in a release today.
To be built in two phases, the first phase of the Rs 204-crore project will be funded through 50% equity and balance via debt, said the Mumbai-based steel producer.
The first phase of the project is expected to come on stream this finan cial year and will have an installed capacity of 1,80,000 tonne per annum. This capacity will then be scaled up to 3,60,000 tonne per annum in the second phase.
JSW Steel has its first steel processing unit in Harayana.
The joint venture company is equipped to process flat steel products such as hot rolled, cold rolled and coated products with a view to offer solutions to the automotive, white goods, construction and other value added segments, said the company.
“The rapid growth of the Indian steel industry offers tremendous opportunity for supply of high end processed steel. We can leverage the global sales network of expertise of Service Center Operations of MISI (Marubeni Itochu Steel Inc) and the World Class Technology Products manufactured by JSW,” the release said quoting Seshagiri Rao, joint managing director, JSW Steel & Group Chief Financial Officer.
