India’s JSW Group will invest an estimated $7.83 billion to construct an industrial complex comprising a steel mill, a captive power plant, port facilities and a cement plant in the eastern state of Odisha, according to a company statement.
The steel mill will have an annual capacity of 13.2 million mt, a port and jetty to handle 52 million mt cargo per year, and a cement plant to produce 10 million mt per year. The industrial complex will include an iron ore slurry transportation system with the capacity to carry 30 million mt per year.
The Industrial Development Corporation of Odisha (IDCO) has handed over 2,958 acres of land to JSW for the setting up of the integrated manufacturing facility. The land was earlier earmarked for South Korean steel major POSCO in 2005, which had plans to set up a 12 million mt per year steel mill with a planned investment of $6.22 billion. However, the project failed to take off following stiff opposition from local people, forcing POSCO to withdraw in 2017.
The foundation stone for the JSW Group industrial complex was laid in the Jagatsighpur district of Odisha on February 16.
JSW Steel already owns two captive and commercial iron ore mines in Odisha and is in the process of setting up a pellet plant. The iron ore mined in Odisha is used in the company’s steel mills at Dolvi in Maharashtra and Vijayanagar in Karnataka.