*MUMBAI:* Jindal group steel venture, JSW Steel Ltd is likely to invest Rs.750 billion in brownfield and greenfield projects by 2020.
Speaking on the company's expansion, Sajjan Jindal, vice chairman and managing director, JSW Steel Ltd, was quoted saying that it is expanding crude steel capacity to 10 million tonnes per annum at Vijayanagar works. Steel use in India is expected to be much higher on the back of a growth in global economy. World Steel Association estimates an improvement of 10.7% in global steel use in 2010, after demand shrinkage of 6.7% in 2009. However Jindal sees India's steel use to grow to 14% “given that we have been growing at a faster rate, along with China. Clearly there are indications of a robust growth in the steel industry,” Jindal said. This project is on schedule to achieve completion by Mar 2011. The mining activities will begin on receipt of these approvals, Jindal said. JSW Steel has recently acquired a coking coal mine in the U.S. Coal and iron mining leases in various regions within the country are in different stages of regulatory approvals. In the past three months there has been a correction in steel prices. “We feel that this is mainly on account of de-stocking.” In 2009-10, the company's crude steel output rose to 5.987 million tonnes, up from 3.72 million tonnes the previous year, a growth of 61%. A new captive power plant of 300 MW is expected to be commissioned at Vijayanagar in the current financial year. Jindal added that a whole host of other projects are also under implementation, with the objective of reducing cost in transport and warehousing, and in the manufacturing process itself. -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
