Ad-H Ad-H

JSW Steel Outlays Rs 20,000 Crore Capex For FY23: CMD Sajjan Jindal


Ad P
Business

oi-PTI

|

JSW Steel will invest over Rs 48,000 crore in the next three years as part of its capex plan, the company’s Chairman and Managing Director (CMD) Sajjan Jindal has said. Out of Rs 48,700, Rs 20,000 crore capex (capital expenditure) is for the 2022-23 financial year, he said. Besides, JSW Steel is also eyeing to amalgamate JSW Ispat Special Products with it by the end of the ongoing fiscal.

JSW Steel Outlays Rs 20,000 Crore Capex For FY23: CMD Sajjan Jindal

According to a regulatory filing on Monday, Jindal addressing a shareholder’s query said: “The total planned capex for the next three years is Rs 48,700 crore, which includes Rs 20,000 crore planned for this current financial year.” The composite scheme of amalgamation between the company and JSW Ispat Special Products Limited (Monnet Ispat) is expected to be completed during this financial year, he said.

In August 2018, a joint consortium of AION Investments Private II Ltd (AION) and JSW Steel Limited acquired controlling stake in JSW Ispat Special Products Limited (formerly known as Monnet Ispat & Energy Limited). The consortium was the sole bidder for the 1.5-million-tonne asset in Chhattisgarh. The National Company Law Tribunal (NCLT) had approved a Rs 2,875-crore bid to acquire the bankrupt Monnet Ispat & Energy, which owed over Rs 11,000 crore to a clutch of lenders.

As per JSW Steel, “The 5 MTPA (million tonne per annum) brownfield expansion at Vijayanagar is progressing well, with civil works underway at the site. The project is expected to be completed by the end of FY2024.” The remaining downstream projects at Vasind and Tarapur are expected to be completed in the second quarter of FY23.

(PTI)

  • gold 23 1495530420
    Steel Players Expect Government To Withdraw Export Duty; To Go Ahead With Capex Plans
  • gold 23 1495530420
    India’s Steel Output Grows 6 Pc, To 10 MT In June: Worldsteel
  • nmdc ltd image 1598589760
    NMDC Cuts Prices Of Lump Ore, Fines, By Rs 500 Per Tonne Each
  • stockmarketgains 1615366279
    ICICI Securities Is Bullish On These 2 Jindal Group Stocks, Suggests Buy For Gain Up To 30%
  • gold 23 1495530420
    Jyotiraditya Scindia Assumes Additional Charge, Of Steel Ministry
  • gold 23 1495530420
    Govt Directs Steel Industry, To Draw Time-Bound Action Plan To Lower CO2 Emissions
  • gold 23 1495530420
    Expect Government To Withdraw Duties on Steel Items Once Inflation Moderates: Sajjan Jindal
  • gold 23 1495530420
    Steel Ministry Identifies 38 High Impact Projects Under, PM Gati Shakti
  • dividend stocks 1585623705 1634034179
    This Large-Cap Steel Stock Turning Ex-Dividend Next Month, To Pay 1735% Dividend
  • investment3 12 1497239532
    Govt Gets Multiple, EoIs For FSNL Buyout
  • money 25 1464160127
    NMDC Shareholders, Creditors, To Discuss Nagarnar Steel Plant Demerger On Tuesday
  • aa1 1570174056
    Revenue Loss Due, To Customs Duty Rationalisation In Iron, Steel, Plastic Seen At Rs 10K-15K Cr

Story first published: Monday, August 8, 2022, 16:11 [IST]

fbq('track', 'PageView');



Source link

Leave a Comment