Global Investors Meet: JSW Group plans to invest additional Rs 1 lakh crore in Karnataka over five years

Sajjan Jindal, chairman of the JSW Group

Bengaluru: Sajjan Jindal, chairman of the JSW Group, said at the Global Investors Meet in Bengaluru on Wednesday that the company plans to invest Rs 1 lakh crore over the next five years in all of its Karnataka-based businesses.

"This is in addition to our investment of one lakh crore in the state and the investment includes investment in steel, green energy, cement, paints and a new greenfield port in Karnataka," Jindal said.

India is already witnessing supply-side constraints that are overpowering demand, he said.

"Minerals like iron ore will not always be needed for the production of steel – hence it is imperative that these assets are monetised at the earliest. Mineral auctions will further encourage investments in the manufacturing sector and support Karnataka’s growth trajectory," he added.

JSW had planned a capital expenditure of Rs 20,000 crore for FY23. JSW operates a steel plant in the Karnataka district of Bellari and a manufacturing unit in Vijayanagar. With a current capacity of 12 million tonnes per annum (mtpa), the manufacturing unit in Vijayanagar is India's largest single-location integrated steel-making facility.

Karnataka has held its position as one of the most preferred investment destinations in India, truly representing the government’s "One State, Many Opportunities" mantra, Jindal said.

"Quality education, pro-active governance and effective policy-making have rendered Bengaluru our start-up capital, with the highest Ease of Doing Business score in the country, " he said.