Date:15/07/2005 URL: http://www.thehindubusinessline.com/2005/07/15/stories/2005071500790700.htm

Back Jindal Steel plans to set up integrated plant overseas

Ambarish Mukherjee

New Delhi , July 14

AFTER announcing two greenfield projects in Orissa and Jharkhand, Jindal Steel and Power Ltd (JSPL) is now looking beyond the Indian borders. The company plans to set up an integrated steel plant abroad.

It is looking at several countries such as Iran, South America and Australia where iron ore and coal mines are available. JSPL plans to acquire coal and iron ore mines initially and eventually set up an integrated steel plant.

The company is open to investing around $2 billion for setting up a greenfield steel plant abroad, sources said. But it would depend on whether the company is permitted to import coal and iron ore from that country initially for its domestic requirements, they added.

JSPL has announced two greenfield ventures for setting up steel plants in Orissa and Jharkhand.

The company recently appointed SBI Capital Markets Ltd for financial appraisal of its proposed two-million-tonne plant in Orissa.

Officials said the financial appraisal is expected within the next couple of weeks. For the proposed 5-mt steel plant in Jharkhand, the technical report has been prepared by Mecon.