October 30, 2006
The media had reports on October 25, 2006 that JSW Steel Limited is set to invest Rs. 35,000 crore to set up a 10 million tonne steel plant in Orissa.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
JSW Steel Limited has vide its letter inter-alia stated, "The Company signed a Memorandum of Understanding with the State Govt. of Jharkhand for setting up a 10 MTPA green field steel project in the State of Jharkhand with an investment of Rs. 35,000 Crore which had been communicated by our letter dated 9.11.2005. As a part of the long term strategy, the Company has been looking at expanding its steel capacity further through acquisitions / green field projects / brown field expansions. The Company is engaged in discussions/ correspondence with the State Government of Orissa and State Government of West Bengal for exploring such opportunities for expansion. We clarify that no MOU has so far been signed either in Orissa or West Bengal."
Source: National Stock Exchange of India Limited
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