JSW Steel, a steel manufacturing company, is in the process of acquiring land at Jagatsinghpur in Odisha where it has proposed to establish 13.2 million tpa greenfield steel plant.
It is the same site near the port of Paradip where POSCO, a South Korean steel-making company, was interested to set up 12 million tpa steel plant.
The Odisha government and POSCO had signed a memorandum of understanding (MoU) in this regard in 2005. However, the South Korean steel giant had to abandon its proposed Rs 52,000 crore steel project due to several reasons from delay in environmental clearances (EC) to protests by locals. The pact ultimately expired in 2010 and was not renewed again.
JSW Steel has plans to expand through both acquisitions and brownfield expansions and then followed by a greenfield project.
The company intends to set up an integrated steel plant of 13.2 million tpa capacity in Odisha along with 900 MW power plant for captive usage at an investment amount of Rs 53,700 crore.
The company has already identified land for the project and the acquisition is underway. The company is taking up land acquisition along with the Odisha government. It is the same land where POSCO was earlier looking to set up the steel plant.
JSW Group had approached the state government for land after POSCO shelved its plan to set up the steel plant. Subsequently, all statutory clearances given to POSCO were transferred to JSW Steel. The hearing for the company’s project was conducted in December 2019.