The regulatory filing by the company stated that the previously announced 5 million tonnes per annum brownfield expansion at Vijayanagar is in full swing with civil construction works currently underway at the site.
SEATTLE (Scrap Monster): Leading steelmaker JSW Steel announced capital expenditure plan for the upcoming three-year period. The company will invest a total of INR 48,000 crore over the period. Out of this, INR 20,000 crore has been earmarked for capital expenditure for the current financial year.
According to Sajjan Jindal, Chairman and Managing Director, JSW Steel, the company has also decided to amalgamate JSW Ispat Special Products Limited (formerly known as Monnet Ispat & Energy Limited) with it before the end of the ongoing fiscal year.
The composite scheme of amalgamation is expected to be completed during this financial year, Jindal added. It must be noted that the company-led joint consortium had acquired controlling stake in the company in August 2018.
The regulatory filing by the company stated that the previously announced 5 million tonnes per annum brownfield expansion at Vijayanagar is in full swing with civil construction works currently underway at the site. The company expects the project to be completed before the end of FY2024. Also, the pending downstream projects at Vasind and Tarapur are likely to be completed during the second quarter of FY23.
JSW Steel reiterated its commitment to expenditure plans amidst fears that the recent hike in steel export duty may hit steelmakers’ profits badly.
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