Industry

JSW Steel to set up Rs 150-cr colour coating facility in Pulwama district of Kashmir


Sajjan Jindal Led will be setting up a colour coated steel facility in the Pulwama district of Kashmir with a total investment of Rs 150 crore.

“This facility shall provide immense benefits to local businesses and society in a meaningful way and provide employment opportunities to the local youth,” said Sajjan Jindal, Chairman, JSW Group.

Union Minister for Home, Amit Shah on Monday presented land allocation papers to Jindal.

“This facility will be set up with an investment of around Rs 150 Crs at IDC, Lassipora, Pulwama,” Jindal said in a media statement.

JSW Steel in October 2020, through its wholly-owned subsidiary, invested to Rs 1,550 crore to complete the acquisition of Asian Colour Coated Ispat.

In 2018, ACCIL was included in the Reserve Bank of India’s second list of defaulters on which banks were asked to take corrective action. State Bank of India, Punjab National Bank and JM Financial are among the lenders to Asian Colour Coated Ispat.

ACCIL has an annual capacity of 1 million tonnes with around 300,000 tonnes of cold-rolled steel and colour-coated steel. The company has manufacturing facilities in Delhi and Mumbai, and also caters to markets across, Europe, Africa, Latin and North America.

JSW Steel reported its highest-ever consolidated quarterly net profit of Rs 7,179 crore, up more than four times, paced by a more profitable product mix and robust export demand in the fiscal second quarter. The company’s Value Added Product mix which includes Colour Coated products, Pre-painted Galvanized & Galvalume has contributed 60% of the total sales.

JSW Steel has a steel-making capacity of 28 MTPA in India & USA, including capacities under joint control & a new capacity to be commissioned at Dolvi during this year. Its roadmap for the next phase of growth includes a target of achieving 37.5 MTPA steel capacity by FY25.



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