Kolkata–West Bengal Chief Minister Mamata Banerjee said on Tuesday that Sajjan Jindal-controlled JSW Group will make fresh Rs 3,400-crore investments in the state.
“The JSW Group will invest Rs 3,400 crore in the state. Rs 700 crore will be invested in the expansion of cement plant at Salboni. They will set up a decorative paint plant with an investment of Rs 1,500 crore, a captive power plant of 18MW for Rs 200 crore and a downstream steel processing unit with Rs 1,000-crore investment,” Banerjee told reporters here after a meeting with JSW chief Sajjan Jindal.
“Development of agri-zone over 290 acres of land will be developed by forming a cooperative. It (cooperative) would be formed with land-losers’ families. Farmers will be involved in the modern farming practices. The revenues earned from the project will be ploughed back to farmers,” Banerjee said.
“We will create a model farm, so that we can teach farmers about modern ways of farming,” Jindal said.
The group could not execute its proposed Rs 35,000-crore, 10 million tonne (mt) integrated steel project at Salboni in West Midnapore district due to non-availability of iron ore and various other issues. It has 4,300 acres of land in possession.
Later, the group announced an investment of Rs 800 crore in the 2.4 million tonnes cement plant in the first phase. It has decided to double the capacity to 4.8 mt with an investment of Rs 700 crore.
“Steel industry itself is not doing well globally. We had an issue of availability of raw materials (iron ore) too. When the right time comes, we will invest in Salboni at the right project,” Jindal said, highlighting the group’s plan to set up the steel plant.
He also said that the cement plant project is progressing well.
“Earlier, we were a little apprehensive that there could be some issues. I must say there is absolutely peaceful environment and I have not seen this kind of environment anywhere in the country. By next march, the production from this plant will commence,” Jindal said.
He said the group plans to set up a decorative paint plant with 200,000-kilolitre capacity, which will meet the requirement of paints in the eastern region.
About 3,000-4,000 employment opportunities would be created directly and indirectly in all the projects.
“Direct employment would be around 1,500 in the four projects. These projects would be completed in the next three years,” he said.