Jindal Steel Seeks Single Window Clearance For Orissa Steel ProjectV
(FINANCIAL EXPRESS : February 20, 2003)

Jindal Stainless Limited is seeking a single window clearance from the Orissa government for its 1.8 million tonne per annum (tpa) stainless steel project. The company has requested the principal secretary for steel & mines RN Bohidar to convene a meeting for clearance of the project. "We want the project to be cleared in one go, so that we will be able to come up with the plant in the quickest time," director Nirmal C Mathur told FE. "The stainless steel market is picking up and it is the right time to take a decision for investment in the sector. The state government should take advantage of the time," he added. Mr Mathur expected that the meeting involving all concerned government departments and agencies would be held very soon to take a decision on the project. Since the project would give maximum value addition to iron ore as well as chrome ore, the government should provide the maximum incentives to the project, he said. "We have already given a presentation on the project to the state government. Now, we will ask the government to take a decision on it", Mr Mathur said. Jindal Strips, which proposes to set up an integrated stainless steel plant through the pig iron route with an investment of Rs 5000 crore in first phase, has asked the state government for a iron ore mines of 90 million tonne reserve, chrome ore mines of about 60 million tonne reserve and a coal mines besides 500 acres of land at Dubri in Jajpur district. The stainless steel project includes a captive power plant of 250mw and a ferro chrome plant of six lakh tonne per annum capacity. Jindal Steel has a chromite mines at Sukinda Valley in Orissa. The mines promise two million tonne minerals. For the proposed ferro chrome plant at Dubri, it requires a chrome ore mine of at least 70 million tonne. Mr BP Goel, the company's executive director (projects) is in Orissa to locate a suitable site in Kalinga Industrial Estate of Dubri. The site adjacent to the Mesco pig iron plant and the site abandoned by Bhusan Steel have been shortlisted for the project. The company is looking for a site of at least 2000 acres, keeping in view the expansion of the project in the second phase. Mr Mathur said Jindal Steel, which is one of the 15 major stainless steel producers of the world, is going to clock a turnover of Rs 2000 crore this year. He said the company is expecting a profit of around Rs 250 crore. On the acquisition of SAIL's Salem Steel Plant, Mr Mathur said the decision is likely to come within a month's time. The decision is being delayed as SAIL involved the department of disinvestment in the selloff process. Also, there is a PIL in the Chennai High Court challenging the privatisation of the unit, he said.