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PrintBusiness Standard reported that while West Bengal government is ready with its second edition of Bengal Leads, an annual investors’ summit, but the state’s single largest proposed investment, JSW Steel’s INR 35,000 crore steel and power project, is yet to take off.
The latest wrangle that appears to be holding back the project is iron ore. A clampdown on mining activities in Odisha has put JSW’s planned arrangement with private miners in a quandary.
JSW Steel CMD Mr Sajjan Jindal said “To build a steel plant of this magnitude, you need iron ore, without which it’s not possible and in today’s environment with what Odisha is doing, it’s impossible.”
WB industry minister Mr Partha Chatterjee said “The supplementary agreement will have to mention that the project has iron ore. We will have to sort out this matter.”
In 2007, JSW had signed a development agreement with the WB government for a 10 million tonne steel plant and a 1,620 MW power plant at a cost of INR 35,000 crore. However, after the change in regime in Bengal, the Trinamool Congress government insisted on a supplementary agreement. But 20 months since, the agreement is still pending clarifications.
So far, JSW has invested Rs 600 crore in coal mines and townships, but construction of the steel and power projects hasn’t started.
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