Bhubaneswar: Sajjan Jindal-led JSW Group will jointly set up its Rs 65,000 crore steel plant in Dhinkia in Odisha’s Jagatsinghpur with South Korean steel giant Posco, according to Jagatsinghpur MP Bibhu Prasad Tarai.
“The two companies have already signed the memorandum of understanding (MoU) for the project in Mumbai,” he said.
In 2022, the JSW had announced to invest Rs 65,000 crore in a 13.2 MTPA integrated steel plant and 52-MTPA captive jetty at Paradip in a phased manner. The foundation stone for the the steel plant in Dhinkia was laid earlier this year. It was to come up over 2,950 acres of land, earlier earmarked for Posco’s 12 MTPA steel plant with an investment of Rs 52,000 crore which failed to take off following stiff opposition from the local people.
“The joint venture is expected to succeed and create thousands of employment opportunities. The state government has already transferred 2,958 acre of land in Jagatsinghpur district, initially acquired for Posco, to JSW. The complex will include a steel plant with 13.2 MTPA capacity, a cement factory, a captive power unit and a cargo handling facility,” the MP said.
He also mentioned about another steel plant to be set up ArcelorMittal Nippon Steel India in Paradip.
He further stated that raw materials are available in Keonjhar and a value-added industry will be set up there as confirmed by Chief Minister Mohan Majhi, he added.
On November 1, Majhi said that the joint venture of JSW Group and Posco would set up a greenfield integrated steel plant with an initial capacity of 5 million tonne per annum (MTPA) in Keonjhar, his home district. Two sites – 2,500-acre land parcel of Odisha Tea Plantation Ltd (OTPL) at the Taramakant area under Banspal block and 1,956-acre land area at Patna – are reportedly being readied for the project.
The two groups had signed the MoU on October 21 in Mumbai to set up an integrated steel plant in India, besides collaborating for green energy production and manufacture of battery materials for electric vehicles (EVs).