JSW Bengal expects to kick off its Rs. 35,000-crore steel project in West Bengal by the first week of February 2008. It has already completed the hearings necessary for the environment clearance. The project, for which an agreement was signed with the West Bengal Government on January 11, 2007, will involve an investment of Rs. 35,000 crore, the single biggest dose of investment that this state received since the unfurling of its new industrial policy in 1994. JSW Chief Executive, Biswadip Gupta, told The Hindu that indications were that environment clearance would be received within the next 60 days or so. The hearing took place on December 27, 2007.
West Bengal Chief Minister, Buddhadeb Bhattacharjee, said at a chamber meeting here on Friday that he had urged the Prime Minister to lay the foundation for the project. Indications were that this would take place sometime in the first week of February. The company would commence its construction activities starting with a boundary wall soon after. Set to come up at Salboni in West Medinipur district, the Jindal group had already crossed the biggest hurdle of getting land for the project. The 5,000 acres required for the first phase had already been obtained without much of a problem. This was because first, the West Bengal Government already had with it some 3,800 acres, while another 377 acreas was given by the State Animal Husbandry department. The remaining was acquired directly by the Jindals. Its unique compensation offer of shares plus monetary payment and proposals on training one member of a land loser’s family seems to have smoothened the process. Financial closure for the project, which will be implemented in phases, was expected in three months, Mr. Gupta said. The first phase involving setting up a three million tonne capacity out of a total capacity of 10 million tonnes, is targeted to be completed by 2011. The rest would be implemented in suitable phases with 12 years from January 2007. JSW sources said that they were going to implement this project through a special purpose joint venture company called JSW Bengal.
Source: The Hindu
30th December, 2007