JSW Steel Remains Committed to Bengal Steel Project
12/29/2014 - JSW Steel Ltd.’s proposed 10-million-tonnes-per-annum greenfield steel plant made good progress in acquisition of land, site development and coalmines exploration activities in the State of West Bengal, India.
During the course of hectic pre-implementation project activity, ban/restriction on iron ore mining in the country followed by cancellation of coal blocks including the coal mines earmarked for the project, brought severe uncertainty to the linkages of critical inputs for steel making. At this backdrop, financing a capital-intensive green field project will be very challenging. Consequently, the company decided to put the project implementation on hold until raw material linkages for the project are reliably established.
In the meantime, considering the hardship the erstwhile private landowners from whom the company acquired the land, the company voluntarily offered to give back the equivalent land out of the total project land to original land owners free of cost as a gesture of goodwill through State Government of West Bengal as per applicable laws.
JSW Steel will continue to work with the State Government of West Bengal to find alternatives to establish raw material linkages so as to take up implementation of the Steel project in due course.
In the meantime, considering the hardship the erstwhile private landowners from whom the company acquired the land, the company voluntarily offered to give back the equivalent land out of the total project land to original land owners free of cost as a gesture of goodwill through State Government of West Bengal as per applicable laws.
JSW Steel will continue to work with the State Government of West Bengal to find alternatives to establish raw material linkages so as to take up implementation of the Steel project in due course.
