Jai Balaji to invest Rs 450 cr for SEZ in West Bengal
Jai Balaji Industries will invest Rs 450 crore for setting up a steel processing special economic zone (SEZ) in West Bengal, and has already obtained in-principle approval from the government.
By PTI |
KOLKATA: Jai Balaji Industries will invest Rs 450 crore for setting up a steel processing special economic zone (SEZ) in West Bengal, and has already obtained in-principle approval from the government.
Investments would be funded through a mixture of internal accruals, debt and issue of fresh equity, Jai Balaji's Chairman and MD Aditya Jajodia told reporters on the sidelines of an annual general meeting here today.
He said the company would shortly sign a Memorandum of Understanding (MoU) with the state government for its proposed steel and cement plant in Purulia district in the state.
Jai Balaji plans to raise steel making capacity from 1.2 million tonnes per annum to five million tonnes per annum. It also intends to set up a 3-million tonne cement plant and a 1.5 MW power plant, entailing a total investment of Rs 16,000 crore which would be spend over a period of 10 years.
The company currently has four steel plants, two in West Bengal, one each in Chhattisgarh and Jharkhand.
Investments would be funded through a mixture of internal accruals, debt and issue of fresh equity, Jai Balaji's Chairman and MD Aditya Jajodia told reporters on the sidelines of an annual general meeting here today.
He said the company would shortly sign a Memorandum of Understanding (MoU) with the state government for its proposed steel and cement plant in Purulia district in the state.
Jai Balaji plans to raise steel making capacity from 1.2 million tonnes per annum to five million tonnes per annum. It also intends to set up a 3-million tonne cement plant and a 1.5 MW power plant, entailing a total investment of Rs 16,000 crore which would be spend over a period of 10 years.
The company currently has four steel plants, two in West Bengal, one each in Chhattisgarh and Jharkhand.
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