India's JSW Steel limited has begun exploration of the Gadchiroli iron ore block in the western state of Maharashtra, acquired at auction three years ago, in preparation for building a new 25 million tonne steel plant at the site, company chairman Sajjan Jindal said in a statement on Tuesday, May 26.
“Gadchiroli is ideal for steel production. due to its proximity to iron ore reserves. The steel plant will start operations as soon as we ensure the safety of the iron ore mines,” he said.
JSW Steel limited has a comprehensive license for exploration and mining of iron ore in Gadchiroli along with four other companies. Currently, only Lloyds Metal and Energy limited (LMEL) mines iron ore in the region.
Jindal said the Gadchiroli steel plant was part of the company's plans to increase steelmaking capacity to 50 million tonnes per annum by 2030, which also includes a steel plant in Odisha in collaboration with Posco, South Korea.
