JSW Steel clarifies on news item regarding Orissa Steel Plant

With reference to the news item appearing in leading financial daily titles "JSW plans to set up Rs 35k-cr steel plant in Orissa" JSW Steel Ltd has clarified BSE that the Company signed a Memorandum of Understanding with the State Govt. of Jharkhand for setting up a 10 MTPA green field steel project in the state of Jharkhand with an Investment of Rs 35,000 Crore.

As a part of the long term strategy, the Company has been looking at expanding its steel capacity further through acquisition / green field projects / brown field expansions. The Company is engaged in discussion / correspondence with the State Government of Orissa and State Government of West Bengal for exploring such opportunities for expansion. The Company has clarified that no MOU has so far signed either in Orissa or West Bengal.

Source : Equity Bulls

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