JSW Steel plans Rs 25k cr investment to increase capacity to 37 mt

The Chairman and Managing Director of JSW Steel, Sajjan Jindal, told the shareholders that the leading steelmaker of the country, JSW Steel, is planning to invest Rs 25,115 crore by 2024-25 to ramp up its capacity by 37.5 million tonnes (mt) per annum. The company had sold 15 mt of steel in FY21, claims to have invested Rs 48,000 crore in the last three years for augmenting its capacity to around 28 mt, the company's officials said. They said that the new investment of Rs 25,115 crore would boost the company's capacity to 37.5 mt. In India, JSW Steel has an installed crude steel capacity of 18 mt, consisting of 12.5 MTPA of flat products and 5.5 MTPA of long products. The company is now embarking on a new phase of growth, with the newly approved capex plan of Rs 25,115 crore. According to a report, Jindal said that the capital would allow the augmentation of crude steel capacity at Vijayanagar by 7.5 MTPA, enhance and digitise their mining capacities and infrastructure in Odisha, and it will help to set up a state-of-the-art colour-coated facility in Jammu and Kashmir, to support the demand and development of the locals in the state. He said that the company's balance sheet is getting stronger with improved cash flows and efficiently allocated capital. With the new capabilities and a strong price environment, the company expects the net debt to EBITDA ratio to be 2.75, he said. Image Source Also read: ABB completes melt shop digitalisation project with JSW Steel Limited Also read: JSW Steel accuses top US steel companies of stifling competition