BC Jindal Group invests $1.7 billion in construction of new steel mill

India's BC Jindal Group is investing approximately $1.71 billion in a new steel processing plant in the eastern state of Odisha, the company said in a statement released on Tuesday, August 26.

The investment will be carried out through its subsidiary Jindal India Steel Tech Limited in three phases to be completed by 2030, starting with an investment of $285 million in the first phase, the company said.The new plant will include a special-coated steel production plant with a cold rolling mill, a continuous galvanizing line and a color coating line with an initial capacity of 960,000 tons by 2027.

The company will eventually increase the capacity of the flat rolled products division at the Odisha facility to 3 million tons per year by 2030 and build a steel pipe production plant with a capacity of 200,000 tons per year, the company said.