JSW Bengal dismisses any threat from Maoists at Salboni

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Kolkata, Nov 12 (UNI) JSW Bengal CEO and Managing Director Biswadip Gupta today expressed concern over the Maoists-sponsored agitation, at Salboni, but at the same time ruled out any alarm for the firm's steel unit there.

Speaking on the sidelines of a press conference, organised by Confederation of Indian Industry (CII), Mr Gupta said, '' There is a concern for the safety of people, but no alarm for the project. We think that the project is not the target. We are working in the villages for the past two years. We have never been confronted by anybody. '' According to him, the landmine explosion, triggered by the Maoists on November two targetting the convoy of Chief Minister Buddhadeb Bhattacharjee and Minister for Steel Ramvilas Paswan, was politically motivated.

Furthermore, the steel plant at Salboni would entail an investment of Rs 10,000 crore, to be funded through a debt-equity pattern of 2:1, the CEO&MD further informed.

He stated that the firm would take loan from the State Bank of India to part finance its investment in the first phase of the 10-million-ton steel project.

JSW Bengal is jointly promoted by JSW Steel and the State Government with an equity structure of 89:11.

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