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

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

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.

Image Source


Also read: JSPL will invest Rs 1 lakh crore in Odisha for next 10 years

Also read: Jindal Steel to launch 2.25 mt steel plant in Andhra Pradesh

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. Image Source Also read: JSPL will invest Rs 1 lakh crore in Odisha for next 10 years Also read: Jindal Steel to launch 2.25 mt steel plant in Andhra Pradesh

Next Story
Infrastructure Urban

Hindalco Supplies 10,000 Aluminium Battery Packs to Mahindra EVs

Hindalco Industries Ltd, the world’s largest aluminium company, has supplied ten thousand aluminium battery packs to Mahindra for its BE 6 and XUV 9e electric vehicle (EV) models. This marks Hindalco’s official entry into the EV components sector, backed by its new manufacturing facility at Chakan, Pune.Built with an investment of Rs five billion over five acres, the facility currently produces eighty thousand battery enclosures annually, with plans to double capacity to one hundred sixty thousand units. The state-of-the-art aluminium batteries are forty per cent lighter than steel-based d..

Next Story
Infrastructure Urban

Centre to Procure 14,028 Electric Buses in Phases Under PM E-DRIVE

The Centre plans to procure fourteen thousand twenty-eight electric buses (e-buses) in multiple tranches instead of a single large order, as some states have yet to submit their detailed requirements.The procurement is part of the Ministry of Heavy Industries' plan to allocate around 40 per cent of the Rs 109 billion PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme for boosting electric public transport.A total demand for fifteen thousand four hundred e-buses has been received from seven states, including Gujarat, Telangana, Karnataka and Delhi, with Delhi alo..

Next Story
Infrastructure Transport

New Railway Terminal to Come Up Near Kempegowda Airport

Minister of State for Railways, V. Somanna, announced that a new railway terminal will be established near Kempegowda International Airport, Bengaluru, to enhance passenger convenience. The terminal is part of the Circular Railway project aimed at connecting Bengaluru’s expanding outskirts.At a press conference, Somanna confirmed that the survey for the Circular Railway project has been completed. Under the plan, four new terminals will be developed, including the one near the airport. He emphasised that railway infrastructure needs rapid expansion due to Bengaluru’s growing population.Hig..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?