Posted on 07 Dec 2021
Jindal Steel and Power (JSPL) aims to invest INR 3,000 crore ($398.49 million) to develop the western dock of Paradip Port to handle exports from its Angul steelworks, a company source informs Kallanish.
The company, along with five to six other firms, have participated in a tender to develop the dock. “While our first choice is Paradip Port, if that does not materialise, we would like to develop one between Paradip and Gopalpur,” JSPL managing director VR Sharma told local media.
JSPL is undergoing capacity expansion and aims to raise Angul’s crude steel production capacity from the existing 5.4 million tonnes/year to 25.2m t/y over the next nine years. “If we do not have logistics for such huge capacity, we would be in trouble. The existing railways and road links won’t be enough to handle 25m t/y of steel capacity, whether it is for exports or transportation within the country,” Sharma added.
The executive said the company is open for both developing a new port from scratch or developing an existing port under a partnership. “In case of a partnership, the company will bring in 70-75% capital to develop and manage the port while the rest would be brought in by the port authorities. Once the company successfully bids for a port, it would seek permission from railways for a dedicated freight line to connect the plant with the port,” Sharma concluded.
Source:Kallanish
