JSW Pays Highest Revenue From Mines To Odisha Govt In April-Sept
Bhubaneswar: The JSW has paid the highest revenue to the state government among all mine owners during the period of April to September.
The company’s revenue share of Rs 6019.42 crore was 46.3% of the state’s total collection of Rs 12976.17 crore. Earlier, the company had paid Rs 1377.66 crore during January-March which was also highest for the period.
The company has been the highest revenue payer among top steel players and iron ore producers in the state. Odisha registered a 221% growth with mineral revenue touching 18473 crore collection by September 30, surpassing its budget estimate collection for the entire 2021-22 fiscal.
“We truly believe the wealth of Odisha belongs to the people of Odisha and as the highest revenue generator in terms of iron ore in the state, we are giving it back to people”, said Ranjan Nayak, COO, JSW Steel.
Odisha’s mines have a direct impact on India’s economy and global trade. Steel output in India is expected to double by 2031, contributing approximately 2.1% to the country’s Gross Domestic Product (GDP). It is expected to exceed 3% in next decade, thanks to Odisha mines. Besides iron and steel, there are other minerals from Odisha’s mines which would be transformational for Indian economy.
Odisha is now projected to be the Steel Capital of India and would become the principal provider to India’s targeted 300-million-ton steel capacity by 2030. The state has the potential to cater to at least half of the additional requirement of steel in India by 2031 and JSW is eyeing to play a pivotal role in helping Odisha toward this three-digit growth in production of steel.
Odisha’s substantial mineral reserves account for 28% of India’s total deposits of iron ore, 59% bauxite and 98% chromite, putting it in a prominent place on the country’s map. Many mining and metallurgical businesses have taken notice of the state’s comparative advantage on this front.
The Odisha government has set a goal of achieving a $1 trillion economy by 2030. To achieve the goal, mining sector would play great role. JSW Steel, as a leading steel manufacturer, would contribute its part to achieve the goal.
The company is setting up a world class steel plant in Paradip of Jagatsinghpur district where the state government is expected to reap significant profits.
The JSW’s current operations in Odisha include a subsidiary steel plant with 3 MT, 30 MT iron ore mines, 5 MT cement plant and 50 MT of iron ore/coal terminal at Paradip port.
The company’s growth vision includes proposed expansion of brownfield project from 3 MTPA to 10 MTPA as well as a world class 12 MTPA green field facility along with a captive port at Paradip.