Jindal Steel to spend Rs 700cr in new Orissa project

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Jindal Steel , India's top stainless steel maker, on Wednesday said it would invest Rs 700 crore to set up a stainless steel park, in Orissa state.

JSL is currently building a 1.6 million tonne per year plant in the eastern coastal state.

Seventy-one units will come up in the facility, which is adjacent to JSL's existing project, Rajdeep Mohanty, JSL's chief resident manager, told Reuters after signing an agreement with the state government.

The firm has asked for 300 acres of land for the project and Mohanty said it would take a year from the date of land acquisition to complete the project.