After a considerable period things have begun looking up for the JSW Bengal project located at Salboni in Paschim Medinipur in the heart of the State’s Maoist stronghold of Lalgarh.

As per report the project has received a booster shot with JFE Steel Corporation, Japan’s second largest steel company striking a strategic partnership with JSW that also brings benefits for JSW Bengal.

With the tie up with the Japanese steel company which may bring some equity support for the West Bengal project, it is possible to start work on the power and the steel project simultaneously.

Mr Biswadip Gupta CEO of JSW Bengal recently visited Mr Bhattacharjee chief minister of West Bengal to apprise him of the positive developments.

Me Gupta told reporters that “The state government is our 11% equity partner, so I had come to apprise the chief Minister about developments.”

Following JSW’s recent decision to implement the project from the power plant end, it has been decided that work would start on the first phase (800 MW) of the power plant from April. Splitting the project also made it easier to get institutional finance.
The 10 million tonne integrated steel and power project entailing an investment of INR 15,000 crores was seen as a model where stakeholders were to be offered training for jobs while equity shares would be offered once the new company tapped the capital market. Of the 4,500 acres acquired for the project, 500 acres was acquired directly by the Jindals and the rest by government agencies.

(Sourced from Hindu)