Jindal Steel planning a 1.6 mtpa steel facility in Orissa

New Delhi, Jun 29 (UNI) Jindal Stainless Steel today announced plans to set up a 1.6 million tonne stainless steel facility in the Jajpur area of Orissa, within the next two years.

''The unit will work in two phases. Initially the unit will have a capacity of one million tonnes which will be raised to 1.6 million tonnes later. We are also planning a 250 MW power plant in the coming future,'' Jindal Steel Vice Chairman and MD Ratan Jindal told reporters here.

He further said, ''Among other future plans is the setting up of a service center in one of the East European countries.'' However, he refused to divulge details of the exact location of the facility. With this the total number of service centers will go upto four, out of which three are in India.

He was speaking on the sidelines of a summit organised by ASSOCHAM on the steel industry.

Responding to a question he further said that the Mittal-Arcelor merger was good for the steel industry as it would help in firming up steel prices.

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