Sajjan Jindal-owned JSW Steel, one of India's largest steelmakers, was forced to delay the commencement of the construction works at the site of its new 10 million metric tons per annum steel plant in West Bengal, due to the current economic situation.
Accordingly, the construction work at the site of the steel project in Salboni, West Bengal, was scheduled to start in March next year, but is likely to be delayed by 6-8 months.
Faced with a liquidity crunch, JSW Steel decided earlier this year to cut its proposed investment by about one-third, to around Rupees 40 billion (approx. $844 million) for the first phase of its Rupees 350 billion ($7.4 billion) steel project in West Bengal.