According to media reports, JSW Steel put on hold its expansion plan of its 10 million tonne Vijayanagar plant in Karnataka to 12 million tonne until such time the iron ore supply improves in the state.
The company was to invest Rs 2,695 crore on the expansion project in 2013-14 by borrowing Rs 1,750 crore and using its cash reserves for the remaining about Rs 945 crore.
However, the firm put the plan on hold because of the prevailing shortage for iron ore, a key raw material for steel plants.
Leave a Reply
You must be logged in to post a comment.