Jindal Steel and Power Ltd (JSPL) – the Indian steel and energy Company owned by Navin Jindal has decided to invest an additional amount of Rs. 8,000-crore for its operations in Odisha. The proposed amount will be spent in setting up a plant, placing slurry pipeline to carry iron ores, setting up a pellet plant, and adding a blast furnace to increase its Angul Steel Plant’s steel-making capacity from 2 million to 6-million tonnes. JSPL has made considerable investments in various parts of Odisha to expand its reach in the domestic market.
Currently, the Angul Steel Plant in Odisha has a two million steel-making capacity through sponge iron route. JSPL has set up a DRI plant based on coal gasification technology at Angul to produce sponge iron and increase the plant’s steel-making capacity. The DRI plant set up by JSPL is the first of its kind in India that uses high ash coal to reduce iron. So far, the company has invested more than Rs. 30,000 crore on setting up this DRI plant. JSPL has also decided to opt for a blast furnace routes, instead of sponge iron route, to increase steel capacity to 6 million tonnes. It is expected that the blast furnace route will be ready for using by the end of current financial year.
The total expenditure estimated for arranging all these new equipment to scale up the capacity of its Angul Steel Plant in Odisha is about Rs 6,000 crore. JSPL also proposes to set up a cement plant adjacent to its steel plant for which an amount of Rs. 200 crore has been reserved.