In order to enhance Angul plant’s capacity, Jindal Steel and Power (JSPL) has set a target to increase its capacity from 6 mtpa to 20 mtpa in the next 12 years. Navin Jindal, Chairman, JSPL stated that an additional Rs 500 billion will be invested to fulfill the target and promised that the company is all set to embark upon a new journey from 2021.
The company has decided to avoid borrowing, instead to make investment from internal sources as well from equity shares from strategic investors. Reportedly, JSPL will be contributing to the Centre’s target of producing 300 mtpa steel by 2030-31 and has prepared the road map for enhancing the capacity of its Angul plant.
Earlier, JSPL was expected to produce 0.3 million mt and 0.4 million mt of hot metal in November 2018 and March 2019, respectively. However, the production was reportedly affected due to the month-long rainfall in the area. Jindal believes that the steel industry is mainly affected due to the unavailability of adequate coal and high price of iron ore. Despite the shortage of coal and iron ore at times, Jindal assured that the company will move ahead with its mission to achieve the target.
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