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Jindal seeks raw material security for Odisha steel plants


Author : Indo Asian News Service

Business/Economy, National, Orissa, India Read Latest News and Articles

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Bhubaneswar, Sep 7 (IANS) Jindal Steel and Power Ltd (JSPL) Chairman Naveen Jindal on Saturday requested the Odisha government to ensure raw material security for steel plants in the state.

Jindal also requested reserving iron ore mines for companies which have set up steel plants in Odisha.

He had a meeting with Chief Secretary Asit Kumar Tripathy and other secretaries concerned here.

"Companies which have invested thousands of crores in steel plants and have created employment in thousands should be given preference in iron ore auction. We have requested for giving iron ore mines first for captive consumption and then for merchant mining," said Jindal during interaction with media after the meeting.

JSPL has invested Rs 47,000 crore in Odisha to set up the largest steel plant in the state.

But it has very small mines which are near depleted and it does not have captive iron ore and coal mines for the plant, said sources.

"Our investment in Odisha needs raw material security to become viable," said JSPL Chairman.

He also said that JSPL buys about 1 million tonnes of iron ore every month in Odisha.

"This makes JSPL the largest buyer of iron ore in the state," he added. He also demanded reduction in iron ore prices because of fall in global steel prices.

"Steel price has been reduced by about 30 per cent. But iron ore price has not been reduced accordingly. There is no reduction in price of coal by Coal India. The government needs to ensure that people who have invested in the state are taken care of," Jindal commented.

For the first time in the world, JSPL has set up a coal gasification plant along with a 2 MTPA DRI plant on the basis of the coal block allotted to it in Angul.

Since the coal block was cancelled by the Supreme Court, Jindal was hopeful that the company would get a block if the central government auctions the coal block for steel companies and coal gasification.



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