Foundation Stone laid for new 5 MTPA Project at JSW Steel Vijayanagar Works in Karnataka

Hon'ble Union Steel Minister, Shri Ram Chandra Prasad Singh, today, laid the foundation stone for the new 5 MTPA project at JSW Steel Vijayanagar Works integrated steel facility in Ballari, Karnataka. This brown-field expansion project is being undertaken through JSW Vijayanagar Metallics Ltd, a wholly owned subsidiary of JSW Steel Ltd (the flagship business of US$ 13 billion JSW Group). The Company has earmarked a capex investment of Rs 15,000 crore for this expansion and is expected to be completed by FY24. The Foundation Stone laying ceremony was conducted in the presence of JSW Steel Chairman Shri Sajjan Jindal along with other government and company officials.

The Environmental Clearance (EC) for the project has already been received from the Ministry of Environment, Forests & Climate Change, Government of India and preliminary clearance from the 'Single Window High-Level Clearance Committee' (SHLCC), Government of Karnataka has also been secured. As part of the 18 MTPA Roadmap for its Vijayanagar Works Steel Facility, JSW Steel aims to achieve an additional 1 MTPA expansion through upgradation of the current facility to achieve 13 MTPA capacity within the next 12 months.

Speaking on the occasion, Hon'ble Union Steel Minister Shri Ram Chandra Prasad Singh lauded JSW Steel's contribution to build a stronger India. Dwelling on the growing potential of the steel sector, Steel Minister conveyed that the expansion projects would also help in augmenting the availability of world-class steel and the progressive plans of the Ministry of Steel, Govt. of India.

Speaking on the occasion, Shri Sajjan Jindal, Chairman of JSW Steel said, "I am thankful to Hon'ble Union Steel Minister for joining us on this memorable day and lay the foundation stone for the new brownfield project at our Vijayanagar steel facility. This expansion reiterates our commitment to be a significant partner in building a stronger India through sustainable means. The new 5 MTPA project at Vijayanagar is aligned to our Sustainability goals and focus on circular economy by optimizing our water, waste, carbon and energy footprint. We will efficiently execute this brownfield expansion by leveraging our strong project capabilities and track record. Through the new investments planned here, we will create new job opportunities as well as generate immense value for all our stakeholders. Through the introduction of Artificial Intelligence and other Industry 4.0 interventions at this facility, it will become an integral part of our network of digitally connected smart steel factories in India."

JSW Steel's manufacturing unit in Vijayanagar, Karnataka is the largest single-location integrated steel-making facility in India with a current capacity of 12 MTPA. The new brownfield expansion will be spread across 600 acres and includes establishing 4.5 MTPA Blast Furnace, two Steel Melt Shops 350 tons each and 5 MTPA Hot Strip Mill along with other allied and auxiliary facilities.

JSW Steel, as part of its next phase of growth, is targeting an overall capacity of 37.5 MTPA in India & USA by FY25. The brownfield expansion at JSW Steel Vijayanagar Works is part of this broader target.

Shares of JSW Steel Limited was last trading in BSE at Rs. 673.50 as compared to the previous close of Rs. 694.65. The total number of shares traded during the day was 170538 in over 5708 trades.

The stock hit an intraday high of Rs. 692.25 and intraday low of 672.20. The net turnover during the day was Rs. 115994208.00.

Source : Equity Bulls

Keywords

JSWSteel INE019A01038 FoundationStone VijayanagarWorks Ballari Karnataka 5MTPAProject