JSW Steel to set up steel processing centre in Pune

By Megha Mandavia

MUMBAI: JSW Steel will set up a second steel processing unit in Pune with its joint venture partner Marubeni Itochu Steel, costing Rs 204 crore, to expand presence in the flat steel market.

The first phase of the project, which will come on stream by financial year 2015, will have an installation capacity of 1,80,000 tonnes per annum, JSW Steel said in a statement. The capacity will eventually be scaled up to 3,60,000 tonnes per annum in the second phase.

Half of the project will be funded by debt, while the rest by equity, the company said.

The 50:50 joint venture company will process flat steel products such as hot rolled, cold rolled and coated products to cater to automotive, white goods, construction, among others.

The first steel processing centre under the joint venture was set up near Palval, Haryana in 2011.