Jindal Steel and Power Limited (JSPL) will invest over Rs 1 lakh crore in Odisha over the next 10 years, its chairman Naveen Jindal said on Wednesday.
The Odisha government on Tuesday approved five major industrial projects worth Rs 1,46,172 crore in metal and metal downstream sectors. These projects will almost double the steel production of Odisha to 58 million tonnes and create about 27,000 jobs.
JSPL plans to expand its six-million-tonne steel plant at Angul to 25.2 million tonnes. “This expansion will make our Angul plant the largest single location steel plant capacity in the world,” Jindal tweeted.
He added that in the next 10 years, JSPL will invest more than Rs 1 lakh crore and create huge employment opportunities in the state. Jindal was, however, silent on how the investment will be financed.
The expansion proposals of Bhushan Power and Steel, Tata Steel and Rungta Mines were also approved by the state government.