JSW Group, formerly known as Jindal South West (JSW), has laid the foundation stone of a steel processing plant in Pulwama.
The JSW Group’s Chairman and Managing Director, Sajjan Jindal, made the announcement about the foundation-laying ceremony for their new steel processing facility in Pulwama, South Kashmir.
In a tweet, @sajjanjindal announced, “we have laid the foundation stone for our New Steel Processing Unit in Pulwama – the heart of Kashmir.”
JSW Group had stated it will invest Rs 150 crore to set up a 1.2 lakh metric tonne colour-coated steel manufacturing facility in Jammu and Kashmir.
While confirming the news, a senior official from the industries department stated that no higher officials were invited, making the steel’s foundation laying a low-key event. “However, the authorities have completed all formalities in handing over the possession of approximately 70 kanals of land (8.75 acres) to JSW Steel Limited in Pulwama’s Lassipora industrial area to set up a Rs 150-crore steel plant.”
“JSW has committed to setting up a state-of-the-art colour-coated steel manufacturing facility of capacity 1,20,000 metric tons per annum along with special lines,” the group had stated in the statement earlier.
Steel sandwich panels and steel doors will be manufactured at the unit for the local market in Jammu and Kashmir, the statement said.
“This facility shall provide immense benefits to local businesses and society in a meaningful way and provide employment opportunities to the local youth.”
JSW Steel Limited is an Indian multinational steel producer based in Mumbai and is a flagship company of the JSW Group. After the merger of ISPAT Steel and Jindal Vijayanagar Steel Limited, JSW Steel became India’s second-largest private-sector steel company.
According to the government, J&K has received investment proposals worth Rs 66,000 crore within a period of around one year as well as 1,455 industrial units have also started their operations.
Further, according to the administration’s official statement, the New Industrial Development Scheme, with an outlay of Rs 28,400 crore, has been approved by the Government of India for encouraging investment in manufacturing and service sectors in J&K.