Jindal Steel & Power Ltd. will increase its Angul steel plant’s total capacity by over 4 times to 25.2 million tons per annum by 2030 making it the world’s largest and greenest single-location steel plant.
It will make an additional investment of Rs 1.20 lakh crore by 2030 to raise the capacity from the current 6 million tons per annum, the company announced in its Vision 2030 statement.
The complex will also house a 12.5 MTPA cement plant to utilize the Blast Furnace Slag and Fly Ash to produce environment-friendly, Green cement.
“The State will remain our preferred destination for investments and expansions. Substantial part of this investment will come from our internal accruals/equity infusions,” said JSPL Chairman Naveen Jindal.
JSPL initiatives are expected to create over 60,000 direct job opportunities and around 3,00,000 indirect employment opportunities in Odisha, the company said.
JSPL’s Vision 2030 for 25.2 million tons per annum steel capacity at Angul also entails substantial investments to develop the iron ore and coal mineral industry and build a world-class logistics infrastructure. The company plans to invest in a state-of-the-art port and a dedicated railway line to connect the port, the Angul facility, the Barbil Pellet Plant and its Raigarh plant in Chhattisgarh.
The company’s operations in Odisha are likely to generate economic activity to the tune of nearly Rs 1.5 lakh crore annually, with the state exchequer getting richer by potential revenues of around Rs 7,500 crore per annum.
The company also requested government officials for abolition of electricity duty and giving tax benefits of 15% to brown field projects as it is being given to Green field projects.