Business
JSW Group Plans To Invest Rs 1 Lakh Crore In Karnataka
Swarajya Staff
Nov 02, 2022, 02:45 PM | Updated 02:45 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
The JSW Group plans to invest Rs one lakh crore in Karnataka over the next five years, its Chairman Sajjan Jindal said on Wednesday.
In his address to the inaugural function of ``Invest Karnataka 2022'', the State's Global Investors' Meet (GIM) here, he also requested the state government to consider mineral auctions.
Jindal said the Group has so far invested over Rs one lakh crore in Karnataka. ''And over the next five years, we have plans to invest additional Rs one lakh crore in Karnataka''.
The investment would head into expansion of its steel plant, and renewable energy and port infrastructure development space.
The Group's Ballari steel plant in Karnataka has grown to be the biggest in Indiaand would soon become the biggest steel plant in the world, Jindal noted.
Urging the state government to consider mineral auctions, he said the move would further encourage investment in the manufacturing sector and support Karnataka's growth trajectory.
In this context, he praised the Odisha government for being the ''most aggressive'' State in auctioning ''the mineral assets, the mines''.
''When I speak for the evolution that is taking place in steel making, time is of essence. As minerals like iron ore will always be not needed for production of steel, hence, it's imperative that these assets are monetised at the earliest,'' Jindal said.
(This story has been published from a wire agency feed without any modifications to the text. Only the headline has been changed.)
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.