India’s top steel producer JSW Steel is set to acquire land at Jagatsinghpur in Odisha where it plans to set up 13.2mn mt greenfield steel plant, according to local media.
The site eyed by JSW is near Paradip port, where South Korea’s Posco had plans to set up a 12mn mt steel plant, said sources to Davis Index. The Odisha government and Posco had signed an MoU in 2005 for the project. However, the plan did not take-off due to delays in environment clearances and protests by residents. The Korean company abandon the Rs52,000 crore project and the pact expired in 2010.
In Odisha, JSW Steel has plans to expand through acquisition as well as brownfield and greenfield projects. Besides setting up an integrated steel plant, the company is also planning to set up a 900MW captive power plant.
JSW Group approached the Odisha government for land after Posco shelved its plan. Subsequently, all statutory clearances given to Posco were transferred to JSW Steel.