JSW Group will invest Rs 3,400 crore at Salboni in West Midnapore over the next two to three years, Chief Minister Mamata Banerjee said on Tuesday.
“While the expansion of the cement unit at Salboni would cost Rs 700 crore, a captive power plant worth Rs 200 crore would be set up. A decorative paints plant would come up at a cost of Rs Rs 1,500 and Rs 1,000 crore would be spent on the downstream steel products unit,” Mamata said state secretariat Nabanna after meeting Sajjan Jindal, the chairman and managing director of JSW Group.
The fresh investment would create 3,000 direct and indirect employment opportunities, she said, adding that incentives would be provided to the JSW Group, in accordance to the government’s industrial policy.
Besides, JSW Group has decided to develop a model farm as CSR activity on 294 acres out of the 4,000 acres acquired by the group for a 10 million-tonne Rs 35,000 crore integrated steel plant, which is now on hold. The Jindals had agreed to return 294 acres purchased directly from farmers for the project. But after the farmers refused to accept the land, the group has decided to develop an agricultural project on the plot on cooperative basis with landowners being its members.
Jindal said the 2.4 million tonne cement plant in Salboni will be completed by March, next year. “It is at a commissioning stage and will be fully commissioned by March, 2017. In two phases, its capacity would be doubled — initially to 3.6 million tonne and then to 4.8 million tonne,” he added after the hour-long meeting with Mamata.
Referring to the paints plant, Jindal said it would have a capacity of 2,00,000 kilolitres. “It will be the third paints plant of the JSW Group after Maharashtra and Karnataka. The fourth destination will be somewhere in north India,” he added.
“The proposed unit at Salboni for downstream steel products, such as galvanised steel and coated steel, would cater to Bangladesh, Mynamar and Nepal markers,” said Jindal.