JSW Steel, the flagship company of Indian conglomerate JSW Group, announced its plan to set up a second steel processing centre with its joint-venture partner Marubeni Itochu Steel (MISI) Tokyo. The plant will be set up at Pune in Maharashtra, India.
The first phase of the project with an installed capacity of 180,000t per annum is expected to come on-stream by FY-2015. It will be scaled up to 360,000t per annum in phase 2. The project will be set up at a capital cost of approx. EUR 24M and will be funded through 50% equity and 50% debt element.
Seshagiri Rao, the joint managing director of JSW Steel and group CFO, said, “The rapid growth of the Indian steel industry offers tremendous opportunity for supply of high-end processed steel. We can leverage the global sales network of expertise of service centre operations of MISI and the world-class technology products manufactured by JSW.”
The joint venture company is equipped to process flat steel products such as hot rolled, cold rolled and coated products targeted at the automotive, white goods, construction and other value-added segments.
