JSW lines up 1-trn investment in Karnataka

Bengaluru: The JSW Group plans to invest Rs one lakh crore in Karnataka over the next five years, its Chairman Sajjan Jindal said on Wednesday.

In his address to the inaugural function of 'Invest Karnataka 2022', the State's Global Investors' Meet (GIM) here, he also requested the State government to consider mineral auctions.

Jindal said the Group has so far invested over Rs one lakh crore in Karnataka. "And over the next five years, we have plans to invest additional Rs one lakh crore in Karnataka".

The investment would head into expansion of its steel plant, and renewable energy and port infrastructure development space.

The Group's Ballari steel plant in Karnataka has grown to be the biggest in India and would soon become the biggest steel plant in the world, Jindal noted.

Urging the state government to consider mineral auctions, he said the move would further encourage investment in the manufacturing sector and support Karnataka's growth trajectory.

In this context, he praised the Odisha government for being the "most aggressive" State in auctioning "the mineral assets, the mines".

"When I speak for the evolution that is taking place in steel making, time is of essence. As minerals like iron ore will always be not needed for production of steel, hence, it's imperative that these assets are monetised at the earliest," Jindal said.