State-owned Steel Authority of India Ltd (SAIL) on Saturday expressed commitment to invest Rs 4,000 crore in the next three years in Jharkhand to augment capacity of its Gua mines besides installing a 4-million-tonne (MT) pallet plant.
The intent for investment was made at the launch of the Jharkhand Industrial and Investment Promotion Policy (JIIPP) 2021 by Chief Minister Hemant Soren. SAIL is one of the largest steel-making companies in the country under the Ministry of Steel producing iron and steel at five integrated plants and three special steel plants, including Bokaro Steel Plant (BSL) in Jharkhand. "We have expressed commitment to spend Rs 4,000 crore in Jharkhand over the next three years," SAIL Executive Director (Operations) Ajay Arora told PTI.
Arora said the investment will be to expand the capacity of SAIL's captive Gua mines to 10 million tonnes from the existing 4 MT. "At the same time, we know that as we deepen the mines, the quality of ore becomes inferior. We are going for a beneficiation technology there to upgrade ore quality from existing 61 per cent to 63 per cent. "We are investing both in beneficiation of expanding capacity along with a four-million-tonne pallet plant. The pallet plant is a greenfield (fresh) project in Gua mines, and we will do it in three years," he said.
Chief Minister Hemant Soren said, "You all are part of Jharkhand family. And, we want our family to grow further, so that the rich identity of the state comes in front of the country and the world." Soren said an upgraded industrial policy has been prepared and it is a matter of pride that you have expressed your willingness to invest in Jharkhand.
As part of its global ambition, the company is undergoing a massive expansion and modernisation programme involving upgrading and building new facilities with emphasis on state-of-the-art green technology.
It has Research and Development Centre for Iron and Steel (RDCIS) at Ranchi, Jharkhand. The company has revenue to the tune of over Rs 80,689 crore. Last month, the domestic major returned to the black, posting a consolidated net profit of Rs 3,897.36 crore for the June 2021 quarter.
The company had posted a Rs 1,226.47-crore net loss in the year-ago quarter. Its net income during April-June 2021 more than doubled to Rs 20,754.75 crore, compared with Rs 9,346.21 crore in the year-ago period.