Jindal Steel plans to invest $2.4 billion in next six years

27 Aug 2021 CW Team

Steel manufacturing major Jindal Steel & Power Ltd is planning to spend $2.4 billion for the next six years to increase capacity.

The New Delhi-based company said in an investor presentation on Tuesday that the steelmaker intends to increase overall crude steel capacity from 8.6 million tons to 15.9 million tonnes (mt)by March 2025. It also said that the investment also includes plans to more than double pellet production capacity to 21 mt by 2024.

The once India’s biggest steel maker by market value, Naveen Jindal-led mill, is ready to make new investments for development and growth after aggressively decreasing its levels of debt by more than 60% since 2018.

The plan of expansion is driven by expectations of vigorous consumption as India aims to spend Rs 100 trillion in infrastructure to boost economic growth and create jobs.

The rivals ArcelorMittal Nippon Steel India Ltd. and Tata Steel Ltd, a joint venture between ArcelorMittal SA and Nippon Steel Corp, have already declared plans to more than double capacity, captivated by strong demand prospects. As estimated by Jindal Steel, the annual demand will recover from Covid-induced disruptions and grow 8% to 9% by 2025.

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