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JSW Steel NSE 2.38 % on Friday announced a 15,000-crore brownfield expansion project at its Vijaynagar Steel Works to increase capacity by 5 million tonnes per annum by FY 24.
“This expansion reiterates our commitment to be a significant partner in building a stronger India through sustainable means,” said JSW Group’s chairman, Sajjan Jindal in a media statement.
JSW said that it has received the environmental clearance for the project and is planning to complete 1 mtpa expansion through upgradation of the current facility to achieve 13 MTPA capacity within the next 12 months.
The company aims to take its Vijayanagar facility 18 mtpa by FY24.
“We will create new job opportunities as well as generate immense value for all our stakeholders. Through the introduction of Artificial Intelligence and other Industry 4.0 interventions at this facility, it will become an integral part of our network of digitally connected smart steel factories in India,” Jindal said.
Union Steel Minister Ram Chandra Prasad Singh laid the foundation stone for the new 5 MTPA project. The steel minister conveyed that the expansion projects would also help in augmenting the availability of world-class steel and the progressive plans of the Ministry of Steel.
“The new brownfield expansion will be spread across 600 acres and includes establishing 4.5 Mtpa Blast Furnace, two Steel Melt Shops 350 tons each and 5 MTPA Hot Strip Mill along with other allied and auxiliary facilities,” the company said in its media statement.
JSW Steel, as part of its next phase of growth, is targeting an overall capacity of 37.5 Mtpa from its current 28 mtpa in India & USA by FY25.
“The brownfield expansion at JSW Steel Vijayanagar Works is part of this broader target,” the company’s statement said.
Source | economictimes.indiatimes.com
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