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Jindal Steel to Commission Oman Plant
The plant will be commissioned during the January-March period of the current financial year. The under-construction plant was acquired as part of the domestic firm’s plans to expand its operations overseas. Capacity utilisation of the plant would be ramped up to 80 % by 2012. Shadeed is a 1,5-Mt/a, gas-based, hot-briquetted iron plant in the Sohar Industrial Port area of the country. Al Ghaith Holdings of the UAE sold Shadeed to the Indian firm. JSPL, the nation’s second-biggest steel producer by market value, is undertaking expansion of its steel operations in India, which includes setting up new gas-based steel units. At present, JSPL has an annual steel production capacity of 3 Mt/a in Chhattisgarh. The size of the plant is being doubled at an estimated investment of INR 10000 crore. The company is also investing an estimating INR 44000 crore on two upcoming plants in Orissa and Jharkhand. Shadeed Iron was the first overseas steel acquisition by a domestic firm since 2007, when Tata Steel Ltd bought UK-based Corus for USD 12,9 billion and spent USD 1,63 billion to buy Algoma Steel Inc. Jindal Steel is expanding in the Middle East to tap adjacent markets. The Naveen Jindal-led firm had resumed work on its USD 2,1-billion project in Bolivia, another major international venture, in August. The company is building a 1,7-Mt/a steel plant, a 6 sponge iron unit and 10 Mt/a iron ore pellet plant in that country. (10/2010)
