JSW Steel outlays Rs 20,000 crore capex for FY23: CMD Sajjan Jindal

PTI | New Delhi | Updated: 08-08-2022 16:29 IST | Created: 08-08-2022 15:41 IST
JSW Steel outlays Rs 20,000 crore capex for FY23: CMD Sajjan Jindal
Representative Image Image Credit: Twitter (@jswsteel)
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JSW Steel will invest over Rs 48,000 crore in the next three years as part of its capex plan, the company's Chairman and Managing Director (CMD) Sajjan Jindal has said.

Out of Rs 48,700, Rs 20,000 crore capex (capital expenditure) is for the 2022-23 financial year, he said.

Besides, JSW Steel is also eyeing to amalgamate JSW Ispat Special Products with it by the end of the ongoing fiscal.

According to a regulatory filing on Monday, Jindal addressing a shareholder's query said: ''The total planned capex for the next three years is Rs 48,700 crore, which includes Rs 20,000 crore planned for this current financial year.'' The composite scheme of amalgamation between the company and JSW Ispat Special Products Limited (Monnet Ispat) is expected to be completed during this financial year, he said.

In August 2018, a joint consortium of AION Investments Private II Ltd (AION) and JSW Steel Limited acquired controlling stake in JSW Ispat Special Products Limited (formerly known as Monnet Ispat & Energy Limited).

The consortium was the sole bidder for the 1.5-million-tonne asset in Chhattisgarh. The National Company Law Tribunal (NCLT) had approved a Rs 2,875-crore bid to acquire the bankrupt Monnet Ispat & Energy, which owed over Rs 11,000 crore to a clutch of lenders.

As per JSW Steel, ''The 5 MTPA (million tonne per annum) brownfield expansion at Vijayanagar is progressing well, with civil works underway at the site. The project is expected to be completed by the end of FY2024.'' The remaining downstream projects at Vasind and Tarapur are expected to be completed in the second quarter of FY23.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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