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JSW To Invest Rs 65,000 Crore In Odisha; Setup Port & Plants For Power, Cement & Steel

Updated: Feb 19, 2024 03:18:43pm

JSW To Invest Rs 65,000 Crore In Odisha; Setup Port & Plants For Power, Cement & Steel

Bhubaneshwar, Feb 19 (KNN) The JSW Group, spearheaded by visionary leader Sajjan Jindal, is gearing up for a transformative journey in Odisha with an array of mega projects poised to reshape the state's industrial landscape.

These ventures encompass a 10 million tonne per annum (MTPA) cement plant, a 900 MW power plant, a 52 MTPA greenfield jetty port, and a 13.2 MTPA steel plant, signalling a monumental stride towards economic growth and development.

With a staggering cumulative investment of Rs 65,000 crore earmarked for these projects, the JSW Group is poised to significantly bolster Odisha's industrial infrastructure.

Notably, JSW Cement, already a key player with a current capacity of 19 MTPA spread across strategic locations, is set to play a pivotal role in this expansive endeavour.

It is estimated that around 30,000 direct and indirect jobs will be generated, providing a substantial boost to the local economy.

In tandem with these ventures, the JSW Group is charting a course for further expansion in the cement sector, with plans to ramp up capacity to 60 MTPA over the next five years.

To fuel this growth trajectory, discussions are underway with merchant bankers to secure Rs 6,000 crore through an IPO, underscoring the group's commitment to sustainable expansion.

In a significant development earlier this year, the Odisha government, under the leadership of Chief Minister Naveen Patnaik, granted approval for JSW Group to establish electric vehicle and component manufacturing projects in the state.

This move, coupled with an investment of Rs 40,000 crore, is poised to generate approximately 11,000 jobs, marking a pivotal milestone in Odisha's industrial evolution.

The state government, acknowledging the transformative impact of these initiatives, expressed optimism about ushering in a new era of industrial growth and job creation through a special incentive package tailored for JSW Group's projects.

This forward momentum builds upon JSW Group's strategic collaborations and ventures aimed at driving innovation and sustainability in India's industrial landscape.

Notably, the joint venture with SAIC Motor, a Chinese automotive giant, underscores the group's commitment to advancing the electric vehicle ecosystem in the country.

As the JSW Group embarks on this transformative journey in Odisha and beyond, it underscores the power of strategic investments to catalyse economic growth, foster innovation, and create sustainable avenues for progress.

(KNN Bureau)


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