JSW Steel to commence work on West Bengal project

JSW SteelJSW Steel's unit, JSW Bengal Steel will begin work at its Salboni plant in West Bengal within six months, indicated the group Vice-Chairman and Managing Director Sajjan Jindal on Monday.

The first phase of the project is to be competed within 30 months with an estimated investment of about Rs. 12,000 crore. In this phase the project will have a capacity of 3 million tones. The company will also begin work on the
800-Mw power plant at Ichhapur simultaneously with an additional investment of Rs. 800-1,000 crore.

A steel company JFE Steel Corporation from Japan is expected to pick up a stake in the range of 26 per cent and 40 per cent in the project. The financial closure of the project was achieved two years ago.

Mr. Jindal said, "I have come to meet Chief Minister Buddhadeb Bhattacharjee to review the project which is already delayed by 18 months. We have also discussed the Maoist and Naxalite problem existing in the region."

The government has ensured the company that they will take care about the security issues for the project to take off. The delay was mainly due to economic slowdown. The company is planning to train the local people in adequate skills so that they get employment opportunities arriving in the projects.