The Business Bytes
TBB BUREAU
BHUBANESWAR, JULY 13, 2021
With approval by the Odisha Government for the capacity expansion of its Angul steel making unit, private steel behemoth Jindal Steel & Power Ltd (JSPL) is set to become the largest investor in Odisha’s steel sector.
“In the next 10 years, JSPL will invest more than 1 lakh crore rupees and create huge employment opportunities in the state,” said JSPL Chairman Naveen Jindal, in a twitter message, thanking Odisha’s Chief Minister Naveen Patnaik.
Recently, Odisha’s State High Level Clearance Authority headed by Chief Minister Naveen Patnaik, approved five investment proposals, including expansion of JSPL’s Angul steel plant to produce 25.2 MTPA.
“Such decisions will go a long way in boosting industry confidence and propel our efforts towards building a prosperous Odisha and a self-reliant India,” said Jindal in his message.
The present capacity of JSPL’s Angul steel plant is 6 MTPA, which is the largest in Odisha. With the capacity expansion, the Steel plant will be the largest single location steel plant capacity in the world.
The Angul steel plant, with investment of over Rs. one lakh crore, is expected to create additional 20,000 direct job opportunities and more than 3,00,000 indirect employment opportunities in Odisha by 2030. JSPL aims to make the expansion with addition of substantial green steel manufacturing capacity through Hydrogen-based DRI and EAF route.
The investment and operation of JSPL in Odisha is also expected to generate economic activity to the tune of nearly Rs 1.5 lakh crore annually, with the state exchequer earning potential revenues to the tune of around Rs 7,500 crore every year.
JSPL’s capacity expansion will also play a pivotal role in Odisha Government’s vision to produce 100 MTPA steel in the State by 2030.
