|
Private Sector | Multi State - India | PID: 202928
|
JSW Steel has allocated Rs 20,000 crore for its capital expenditure (capex) plans for FY25, as it expects economic momentum and steel demand to continue to be strong. The steel manufacturer, led by industrialist Sajjan Jindal, also intends to reduce use of thermal coal, and eventually phase it out.,
The capex includes expenses earmarked for Dolvi phase-III expansion and phase-II of Bhushan Power & Steel (BPSL). The capex would also be used for completion of JSW Vijayanagar Metallics (JVML), slurry pipelines in Odisha for which 22 km has been already laid, and the pellet plant in Odisha, for which approval has been granted. The company had a capex spend of Rs 17,000 crore last year.
Group firm JSW Energy will be setting up a total of 1,600 MW of renewable energy (RE) capacity in the next couple of years. About 400 MW of wind and 200 MW solar capacity would be commissioned at Vijayanagar, Karnataka in addition to the existing 225 MW already in operation, while 600 MW of wind capacity is expected to start operations in phases. Another 130 MW of RE capacity will come on stream in Dolvi and Salem this year.
JSW Steel expects to complete the acquisition of Mozambique-based Minas de Revuboe (MDR) for USD 73.75 million this year. The company’s board approved the acquisition of MDR, which owns a coking coal mine in the Moatize Basin of Tete Province in Mozambique.
The steelmaker is sizing up the opportunity to develop this mine for India operations, being logistically closer to India than other mines. Aided by volumes from JVML and BPSL phase-II expansions, which will partly come in this year with the full impact expected in FY26, JSW Steel’s outlook for FY25 looks good.
| Updated on: 25 - May - 2024
|
|
|
|