JSW Group to develop an industrial park at Salboni
With its business empire valued at $23 billion, JSW Group has designated approximately 3,000 acres of land for the development of this industrial park. This strategic decision represents a notable departure from the conglomerate's earlier stance of returning this land parcel to the state government.
The background to this shift in approach stems from the consortium's initial intention to utilize the land for an integrated steel and power plant, which was leased to the private group in 2008 by the then Left Front government. However, despite the original plans, the project failed to materialize. Nevertheless, JSW Group retained physical possession of the land as a leaseholder, much of which remained underutilized.
Earlier this year, the conglomerate had communicated its willingness to relinquish the land, except for a portion designated for the existing cement manufacturing unit and potential future expansion. However, subsequent changes in land-related policies instigated by the Bengal government, notably the allowance for the conversion of leasehold land to freehold, prompted JSW Group to reconsider its stance regarding the Salboni land.
This decision by JSW Group to forge ahead with the development of a substantial industrial park in Salboni reflects a strategic shift aimed at maximizing the potential of the land and fostering economic growth in the region. The move is poised to stimulate investment, job creation, and industrial diversity, underlining JSW Group's commitment to contributing positively to the development landscape in Bengal.