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JSW Group Chairman Sajjan Jindal on Saturday said the company plans to build a 25 million tonne integrated steel plant in Maharashtra's Gadchiroli, highlighting that the region has emerged as a strong steel manufacturing hub due to its proximity to iron ore mines and improving security conditions.
"Gadchiroli is a very potential area for making steel because of the proximity of the iron ore mines, which was all these years blocked because of the Naxalite movement in this area," Jindal said while speaking to media. "It is a natural area for making large steel complexes. Already mining has commenced in this area and there is complete peace as far as Naxalite movement is concerned," he added. "JSW has already committed to build a very large 25 million ton integrated steel plant in Gadchiroli," he said. He added that the project would move ahead once the company secures mining assets and raw material linkages. "It will start as and when we get our mines and we can have the raw material security. Based on that, this investment will flow very quickly," Jindal said. On the government's push to reduce foreign exchange outflows, Jindal said domestic manufacturing itself contributes significantly to saving forex reserves. "Making in India itself is saving foreign exchange," he said. Highlighting JSW Group's electric mobility plans, he said, "Electric vehicle is one of these big initiatives that JSW Group is taking on the lines of PM Modi's plans." "The oil import that takes place should be restricted and people should convert to e-mobility. That will have long-term advantages to India," he added. Jindal also said the company is working on electric vehicle battery manufacturing in Nagpur. "In Nagpur, we are working to build the cells and the battery for the electric vehicles," he said. Commenting on the impact of the ongoing Middle East tensions on India's investment cycle, Jindal termed the conflict a temporary setback. "Middle East conflict is a downer, is a little bit of a setback for India's industrial growth. But everybody understands that this is temporary," he said. He added that India's growth momentum remains intact. "India's growth journey will continue and a lot of capital expenditure is happening by the industries," Jindal said. "Now the pace of capital expenditure is increasing because the balance sheets of majority of the companies are very healthy," he added. (ANI)
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