JSW Steel invests $ 22 billion to increase production capacity

India's third largest steel producer, JSW Steel, has decided to invest $ 22 billion over the next 10 years to improve its total annual capacity to 40 million tonnes by 2025. The existing production capacity provides an output of about 14.3 million tons per year.

Sajan Jindal, chairman of the company, said at the AGM that as the company plans to maintain a market share of 13-14 percent, the decision has been made to invest in production expansion over the coming years to meet the government’s plan to build the country's steel capacity of US $ 300 million. tons by 2025.

The company said it will use all possible means to achieve its production target of 40 million tonnes per year. Jindal added that the company intends to be part of the country's growth as it has advanced technology and an experienced workforce, and therefore looks to the future with great optimism.

The company's planned capital expenditures for this fiscal year are approximately Rs 7 million. In addition, JSW Steel recently acquired WELSPUN Maxsteel, which provides raw materials for its Dolvi JSW plant.

At the same time, the company wanted to maintain its manufacturing brand and the board decided to allocate 0.25 percent of JSW Steel's consolidated net income to invest in effective brand promotion this fiscal year through its promoter Group Company.