Thursday, July 14, 2005

Jindal Steel plans overseas plant

AFTER completely strengthening the steel brand, Jindal Steel and Power Ltd (JSPL) is now looking beyond the Indian borders. The company plans to set up an integrated steel plant abroad. The major steel brand is looking at several destinations such as Iran, South America and Australia where iron ore and coal mines are available which they plan to acquire initially and eventually set up an integrated steel plant. Jindal Steel and Power Ltd is open to investing around $2 billion for setting up a greenfield steel plant provided it gets permission to import coal and iron ore from that country initially for its requirements in India. Jindal Steel and Power Ltd has announced two greenfield ventures for setting up steel plants in Orissa and Jharkhand. The company recently appointed SBI Capital Markets Ltd for financial appraisal of its proposed two-million-tonne plant in Orissa.