Sajjan Jindal, Chairman and Managing Director of JSW Steel informed that the firm would begin production at its upcoming 2.3 million tonne plant in Bellary, Karnataka from December 2013.
The company is setting up the plant specifically for the auto-industry and it would produce high-grade automotive steel.
The company, which invested about $1 billion on the 2.3 million steel plant, expects to earn about $2 billion of revenue once it attains full capacity. In the first year, it expects the revenue generation to be $1 billion, Jindal informed reporters.
Jindal further informed that the firm held talks with all the automobile firms and most of them have approved the product quality.
This (upcoming plant) is for all the steel for the car body. Skin panels are being imported (and once the plant is commissioned) they don’t have to import anymore and it will be 100 per cent indigenous steel, he said. Japanese steel major JFE Steel is the technology partner for producing the auto-grade steel, he said.
At a later stage, the company plans to export products from the proposed plant. Right now, India imports all the steel for auto-grade and the proposed plant will substitute the imports, Jindal said.
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