JSW Group to invest Rs 1.2 lakh crore in Karnataka

Mumbai: The JSW Group will invest ₹1.2 lakh crore in Karnataka across its steel, cement, paints, infrastructure and energy businesses, chairman Sajjan Jindal announced in Bengaluru.

"I am proud to announce that today we are signing an MOU of ₹100,000 crore, and including the ongoing investments, JSW will be investing close to ₹1.2 lakh crore in this state of Karnataka over the next few years, which will provide thousands of employment opportunities in the state," he said.

The Mumbai-based group will be investing ₹43,000 crore in its steel business-JSW Steel-which is the country's largest producer of steel. It plans to expand its plant in Vijayanagar, which currently has the capacity to produce 12 million tonne of steel each year, to the world's largest and most advanced steel plant. In its energy business, the group will invest ₹56,000 crore.