JSW to review steel project after three months

Kolkata: JSW group Chairman Mr Sajjan Jindal would review the status of the delayed steel project in West Bengal after three months, a company official has said.

JSW Bengal Steel Joint Managing Director and CEO Mr Biswadip Gupta said “Sajjan Jindal will take a call and make a review of the project after three months”.

He said that the present situation was very bad. “It is not possible to do the financial closure due to lack of credit availability”. Initially, the company planned to set up a three-million tonne steel plant at an investment of Rs 10,000 crore at Salbon i in West Bengal in the first phase, labelled to be the largest single investment in the state in recent times.

Later on, the steel production capacity was to be ramped up to 10 million tonnes, involving a projected investment of Rs 35,000 crore. Mr Gupta said that earlier, the debt-equity ratio of the project was pegged at 2:1. But, the banks and institutions wer e now insisting on the debt-equity ratio of 1:1.