JSW Steel puts Salboni project on hold
JSW Steel has said that it has put its plans to set up a 10 million tonnes steel plant in West Bengal on hold because it has not been able to arrange long term iron ore supplies for the Rs 35,000-crore project.
JSW Chairman and Managing Director Sajjan Jindal said, “It is stalled right now, it’s on hold. Unless we are going to fix the iron ore matter, unless we have the visibility of iron ore, we cannot move ahead. It’s on hold.”
JSW has pinted out that it is working with the Centre and the State Government in order to obtain an iron ore mining lease. He also said that long term supplies are required to be secured before the construction can begin on the steel plant. He said that the project is stalled at the moment when asked about the time frame for its implementation.
JSW had announced its project in West Bengal in 2007, but has been repeatedly delayed due to various reasons including the failure of the company to sure supply of raw materials, besides a land acquisition row with the State Government. The land acquisition issue has been resolved and the company has received required land for the project.