JSW Steel to set up Rs 150-cr colour coating facility in Pulwama district of Kashmir
Sajjan Jindal Led JSW Steel will be setting up a colour coated metal facility in the Pulwama district of Kashmir with a total investment of Rs 150 crore.
“This facility shall provide immense benefits to local businesses and society in a meaningful way and provide employment opportunities to the local youth,” said Sajjan Jindal, Chairman, JSW Group.
Union Minister for Home, Amit Shah on Monday introduced land allocation papers to Jindal.
“This facility will be set up with an investment of around Rs 150 Crs at IDC, Lassipora, Pulwama,” Jindal mentioned in a media assertion.
JSW Steel in October 2020, by way of its wholly-owned subsidiary, invested to Rs 1,550 crore to full the acquisition of Asian Colour Coated Ispat.
In 2018, ACCIL was included in the Reserve Bank of India’s second checklist of defaulters on which banks have been requested to take corrective motion. State Bank of India, Punjab National Bank and JM Financial are among the many lenders to Asian Colour Coated Ispat.
ACCIL has an annual capability of 1 million tonnes with round 300,000 tonnes of cold-rolled metal and colour-coated metal. The firm has manufacturing services in Delhi and Mumbai, and in addition caters to markets throughout, Europe, Africa, Latin and North America.
JSW Steel reported its highest-ever consolidated quarterly web revenue of Rs 7,179 crore, up greater than 4 occasions, paced by a extra worthwhile product combine and sturdy export demand in the fiscal second quarter. The firm’s Value Added Product combine which incorporates Colour Coated merchandise, Pre-painted Galvanized & Galvalume has contributed 60% of the full gross sales.
JSW Steel has a steel-making capability of 28 MTPA in India & USA, together with capacities below joint management & a brand new capability to be commissioned at Dolvi throughout this yr. Its roadmap for the subsequent part of progress features a goal of reaching 37.5 MTPA metal capability by FY25.