Jindal to invest Rs 3,00,000 cr by 2020

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Raigarh, Chhattisgarh, Aug 7 (UNI) Steel and power major Jindal Group will invest Rs 3,00,000 crore in the two sectors by 2020.

While briefing the media about the Mission 2020 action plan after the Group's foundation anniverary programmes here today, Jindal Steel and Power Limited Vice-Chairman and Managing Director Naveen Jindal said, ''Jindal Steel will alone pump in 1,75,000 cr.'' Claiming that on completion of current expansion projects Jindal Steel will become the private sector's largest steel producer by next year, he added that it will be India's largest company by 2012.

''The Mission envisages hiking annual steel production capacity to the tune of 30 million tonnes while the power generation target was set at 15,000 MW as against the present 1,500 MW,'' Mr Jindal said.

The company is setting up a 12.50 mln tonnes annual capacity plant in Orissa, a 11 mln tonnes-capacity plant in Jharkhand and a 10 mln tonnes-capacity plant in Bolivia while the capacity of the plant here was being raised from three mln tonnes to 10 mln tonnes.

''Our 1,000-MW plant is ready here and testing has begun. We are selling comparitively cheaper power to the State Electricity Board.

We are the first company to invest Rs 10,000 cr in any South American area. It is improper to compare Jindal with the Mittal Group that has purchased sick companies and rejuvenated them,'' the magnate said.

Jindal Steel's plate mill was inaugurated today by Vice-Chairman Prithviraj Jindal. The O P Jindal Hospital, in the plant premises here, was inaugurated by Group Chairman and Haryana Revenue Minister Savitri Jindal.

''The Left withdrawing support from the United Progressive Alliance regime will actually accelarate economic reforms. The Centre's policy is no hurdle to investment,'' Mr Naveen Jindal said in response to a query.

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