Jindal Steel and Power (JSPL) plans to raise the capacity of its steel plant at Angul in coastal Odisha by
4 million tonne (mn t) in the second phase and is working to secure funding for the project.
The company is considering 60:40 debt debt-equity ratio for the 4 mn t expansion. But it is not known how much would be the capital expenditure on the second phase of the project. In the first phase, the company added 2 mn t steel capacity and said it would soon commission it.
In 2005, Naveen Jindal-run JSPL entered into a memorandum of understanding with Orissa for the Rs 22,500-crore, 6 mn t steel plant.
JSPL also said unlike other steel producers facing iron ore shortage, the company does not have any such issue.
The consolidated net profit of the firm rose around 13 per cent to Rs 867 crore in the December quarter on a 7.55 per cent growth in net sales at Rs 4,684 crore.