The Business Bytes
TBB BUREAU
BHUBANESWAR, OCT 23, 2021
With its contribution accounting for 46.3 percent of the total revenue Odisha received during the first half (April-September, 2021) of the current financial year (H1FY22), JSW Steel become the highest revenue contributor to the State Government among the iron ore producers during the said period.
JSW paid Rs 6019.42 crore to the State Government during H1FY22 while the State’s total collection stood at Rs 12976.17 crore during this period.
The Sajjan Jindal-owned company had paid Rs 1377.66 crore revenue to the Odisha Government during January-March 2021 which was also the highest by any steel and iron ore producer for the said period.
The State registered a 221 per cent growth with mineral revenue touching Rs 18,473 crore collection by September 30, 2021 surpassing its estimated collection for the entire 2021-22 fiscal.
“We truly believe that the wealth of Odisha belongs to the people of Odisha; and as the highest revenue generator in terms of iron ore in the state and we are giving it back to people,” said Ranjan Nayak, COO, JSW Steel.
JSW’s current operations in Odisha include a subsidiary steel plant with 3 MT capacity, 30 MT iron ore mines, 5 MT cement plant and 50 MT of iron ore/coal terminal at Paradip Port. The Company’s growth vision includes proposed expansion of its brownfield project from 3MTPA to 10 MTPA as well as setting up of a world class 12 MTPA greenfield facility along with a captive port at Paradip, the Company said in a statement.
Odisha is now projected to be the Steel Capital of India and would become the principal provider to India’s targeted 300-million-ton steel capacity by 2030. The State has the potential to cater to at least half of the additional requirement in Steel in India by 2031 and JSW is eyeing to play a pivotal role in spiraling Odisha toward this three-digit growth in production of Steel.
The Odisha government has set a goal of achieving a $1 trillion economy by 2030. To achieve the goal, mining sector would play great role. JSW Steel, as a leading steel manufacturer, would contribute its part to achieve the goal. The Company is setting up a world class steel plant in Paradip of Jagatsinghpur district. The state government would reap significant profits from the company’s latest project.
Odisha’s substantial mineral reserves account for 28 percent of India’s total deposits of iron ore, 24%, 59% bauxite, and 98% chromite, putting it in a prominent place on the country’s map. Many mining and metallurgical businesses have taken notice of the state’s comparative advantage on this front.
