JSL To Infuse Rs 9,600cr In Orissa Plant

New Delhi: Jindal Stainless Ltd (JSL), the country''s largest stainless steel manufacturer, in the next three to four years will be infusing around Rs 9,600 crore in its Orissa project. The company has already infused Rs 2,250 crore for establishing a greenfield integrated stainless steel plant in Orissa with capacity of 1.6 million tonnes (mt) per annum. JSL is also in the course of increasing its annual melting and hot rolling capacity at its Hisar plant to 900,000 tonnes from the current 600,000 tonnes by 2010. The project in Orissa is being commissioned in three phases. The first phase has already been finished with an investment of Rs 2,250 crore. The second phase will require an investment of Rs 5,600 crore and the third phase will seen an investment in the region of Rs 3,000 crore to Rs 4,000 crore.

In the first phase of the project, the company has established a ferro alloy plant with a production capacity of 1.5 lakh tonnes and two ferro-chrome furnaces which have already started production. In the second phase, JSL is looking at commissioning a 0.8 mt plant by December 2009 and another 0.8 mt in the third phase. Out of the Rs 5,600 crore being invested in the second phase, Rs 3,400 crore was raised via loans, $250 million from ECBs and the rest from internal accruals.