Karnataka: JSW Steel announced on Friday that it will invest Rs 15,000 crore in its integrated facility in Vijayanagara, Karnataka, to build a 5 million tonne per annum (MTPA) steel-making capacity.
In this regard, Union Steel Minister Ram Chandra Prasad Singh, in the presence of JSW Steel Chairman Sajjan Jindal and other government and corporate officials, placed the project's foundation stone at the firm's Vijayanagara unit on Friday.
"Steel Minister Ram Chandra Prasad Singh laid the foundation stone for a new 5 MTPA project at JSW Steel Vijayanagar Works in Karnataka today. "JSW Vijayanagar Metallics Ltd, a wholly-owned subsidiary of JSW Steel Ltd, is leading this brownfield expansion project. The business has set aside Rs 15,000 crore in capex for this expansion, which is projected to be completed by FY24," JSW Steel said in a statement.
According to the announcement, the expansion will cover 600 acres and feature the construction of a 4.5 MTPA blast furnace, two 350-tonne steel melt shops, and a 5-tonne hot strip mill, as well as various associated and auxiliary facilities. With a current capacity of 12 MTPA, JSW Steel Vijayanagar Works is India's largest single-location integrated steel-making complex.