Bhubaneswar: The Jindal Steel and Power Ltd (JSPL) would expand the steelmaking capacity of its Angul plant to 20 million tonne per annum (MTPA) by 2030 buttressed with internal accrual and without any borrowing.
JSPL chairman Naveen Jindal said this to mediapersons after meeting the Chief Secretary AP Padhi at the Secretariat on Friday. The company would make additional investment of more than Rs 50,000 crore for the expansion, he said.
“We would expand the plant capacity without much borrowing. First, we will repay our entire debt through internal earnings and through bringing more equity. We may get more strategic investors to achieve this,” he added.
He also informed that the blast furnace set up at Angul is stabilised now and the company is producing more than 9,000 tonnes of hot metal every day. The company is hopeful of producing 3 MT of steel this year and 5.4 MT next year, he said.
JSPL will also set up an industrial park at Angul to promote downstream industries in steel with investment of Rs 500 crore and lay a slurry pipeline of 200 kim from Barbil to Angul for iron ore transportation with investment of Rs 950 crore, he added.