In a bid to raise capacity of its Oman-based wholly-owned subsidiary Shadeed Iron and Steel LLC by 2.5 million tonnes per annum over the next 3-4 years, Jindal Steel and Power (JSPL) will invest around $2 billion.
Naveen Jindal-led company had bought Shadeed Iron and Steel LLC (Jindal Shadeed) in July 2010 from Abu-Dhabi's Al Ghaith Holdings for about $500 million. The capacity of the plant, third largest in the Middle East, now stands at 2 mtpa.
JSPL is a part of Jindal Group and is a leading player in Steel, Power, Mining, Oil & Gas and Infrastructure. The company produces economical and efficient steel and power through backward integration from its own captive coal and iron-ore mines and passes on the benefits to its customers.
