October 19, 2008

JSW Steel project on schedule in West Bengal

Kolkata, Oct 16 (IANS) : The foundation stone laying ceremony of JSW Steel Ltd’s proposed 10-million-tonne steel plant in Salboni in West Bengal will be held Nov 2 as scheduled, a top official said here Thursday.”The Bengal project is right on track and we are sticking to our earlier announced schedule. It is our expansion project at Bellary that might get delayed following recent developments in the financial markets,” JSW Steel managing director Biswadip Gupta said.

Earlier, there had been some apprehension about a possible delay in executing the West Bengal project following the recent comment of Sajjan Jindal about the non-completion of the financial closure of the project.

In the Bellary unit, the company is planning to raise capacity from 3.8 million tonnes to six million tonnes.

“External Affairs minister Pranab Mukherjee and Chief Minister Buddhadeb Bhattacharjee will attend the foundation stone laying programme,” Gupta said.

JSW has already completed acquisition of 4,800 acres for the project.

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