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JSW Steel planning to establish deep-sea port in Orissa

KOLKATA: JSW Steel is planning to set up a deep-sea port in Orissa for which it has begun talks with the State government, Vice-Chairman and Managing Director, Sajjan Jindal, said.

Talking to reporters here, he said although initially the company was interested in locating the project in West Bengal, it had to abandon the plans on grounds of high maintenance cost that would have been required at the location chosen by the government for the project. “We have now begun discussions for a similar project in Orissa in Bhadrak district”, he said adding that this port could help import raw materials for the proposed steel projects in West Bengal and Jharkhand.

Mr. Jindal said the first phase of the proposed 10 million tonne steel unit in West Bengal would be kicked off by November when a three million tonne unit would be set up at an investment of about Rs. 9,800 crore. This would include a coke oven plant, a power plant, a pelletisation plant and a township. During his meeting with the West Bengal Chief Minister, Buddhadeb Bhattacharjee, later during the day, Mr. Jindal invited Mr. Bhattacharjee to inaugurate the project. However to a question on an initial public offer to part-fund this project, he said given the market conditions this might be deferred for the time being. “While Rs. 3,000 crore would come from internal accruals, Rs. 6,000 crore would be raised through debt — domestic and overseas,” he said. JSW has created a special purpose vehicle for executing the project.

On the company’s plan for entering nuclear power generation, he said with the Central Government readying itself to operationalise the treaty, JSW would like itself to be ready with funds for tapping the sector as and when the government allowed the entry of private sector.

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